These days we read a lot about PIGS. PIGS is a farmyard acronym used by international bond analysts, academics, and by the international economic press that refer to the economies of Portugal, Italy, Greece, and Spain, especially in regards to matters relating to sovereign debt markets. The "I" originally refered to Italy, but has become a reference also to Ireland (PIIGS or five countries).
We can say that The Five Little Pigs is a retelling of the classic children's story with a new twist: a fifth pig.
Some news and economic organisations have limited or banned the acronym's use due to criticism regarding perceived offensive connotations. It's a fallacy.
Yet, to avoid this kind of negative connotations continuing to write that PIGS cannot fly, I will offer this classic children tale.
Greece: Haven’t we seen this movie before? . In the euro-zone, and elsewhere, accounting (read Ponzi schemes) and legal tricks are now coming home to roost.
Then you have Banks Bet Greece Defaults on Debt They Helped Hide.
It's and old story and déjà vu concerning moral hazard and use of certain derivatives in the market for lemons of sovereign debt.
Let's say that some banks like to gamble... But again I would not blame bankers too much.
I would blame those governments and their officials who set up the scheme and regulation initially and those EU institutions that allowed them to do it. Particularly at EU institution level if you allow to be member of the club somebody who is cheating then you can only claim you did not know it was doing that.
Moreover what kind of redress the EU has in place when its members break its own laws? Nothing, no plans, you just have legal experts studying whether a bail out is possible according to laws that EU members have already broken.
Then you read that Italy Masked Finances Worse Than Greece and you realize that the classic children's story of 3, 4 or 5 little pigs cannot be told forever.
Once upon a time there was a mother pig who had three little pigs.The three little pigs grew so big that their mother said to them, "You are too big to live here any longer. You must go and build houses for yourselves. But take care that the wolf does not catch you."