Viewpoints
It’s time to shift to Plan B for PIIGS
May 19, 2011
NEW YORK ― The countries known collectively as the PIIGS ― Portugal, Ireland, Italy, Greece, and Spain ― are burdened with increasingly unsustainable levels of public and private debt. Several of the worst-hit ― Portugal, Ireland, and Greece ― have seen their borrowing costs soar to record highs in recent weeks, even after their loss of market access led to bailouts financed by the European Union