PIIGS

PIIGS stands for Portugal, Italy, Ireland, Greece and Spain. During the eurozone debt crisis around 2010–2012, these countries faced soaring borrowing costs as investors feared they could not pay their debts, and several needed bailouts. The acronym was widely criticised as insulting, and many outlets swapped it for alternatives.

For traders, the period was a lesson in sovereign debt risk: every spike in Greek or Italian bond yields sent the euro lurching lower.