Why economists only say that Spain is going bankrupted but they do not say anything about Italy and Portugal?

The boy behind me hasn't included Italy in that bag, the "I" from PIGS belongs to Italy and not to Ireland. Now it is used the term PIIGS, this term now Ireland.

On this map you can see the PIGS. http://upload.wikimedia.org/wikipedia/commons/thum...

This link will lead you to the information about PIGS or PIIGS

http://en.wikipedia.org/wiki/PIGS_(economics)

The members of the PIGS are considered among the weakest economies in Europe and may be victims of speculation because of these facts:

- Ireland had a bubble economy based on high wages, property booms, stock markets booms, and tourism, which inevitably collapsed. Corruption in the banking sector also played a part in the crash, as with the Golden Circle case.

- Italy tried to pay high wages and had an under-competitive economy, hence a budget deficit crisis. Corruption in the state run businesses sector (like with major rubbish dumps and refuse collection) and the near corporate failure of Alitalia also played a part in the balance of payments crisis and the inevitable economic crash that followed it.

- Spain had its wage bill and economy go like Italy’s as well as sucking in lots of cheap imports at the expense of its own industrial base. It also had a housing bubble and bust.

- Portugal was hit by the desire to have high wages and the inability to manipulate national fiscal/currency policy to restart a failing economy. It soon lost its favored status among investors in favor of Slovenia (who now has a better standard of living than Portugal, unlike in the early 1990s) and emerging Asian economies like the PRC and Cambodia.

- Greece had most of the above mentioned crises since the Millennium and took out excessive overseas loans in the hope of restarting its national economy, especially after the slump in air travel related tourism that came directly after September the 11th.

However, I think that Italy and Spain shouldn't be put inside the same bag because their economies are by far stronger than the other three mentioned countries; specially Spain, which has load of business with the Americas and is the 3rd largest investor in the world.

Spain has a more diverse economy, it is one of the largest car manufacturing countries in the world, the same as Italy, but its brands are as known as Ferrari and Lamborghini (Italy).

Spain is a major economy in several sectors, unlike Italy that only plays a major role in the automobile industry and textile industry.

- Spain's largest bank, Group Santander, is the 4th largest bank in the world by capitalization, it has also become in one of the largest bank in Britain.

- Group BBVA is the 7th largest financial institution in the Western world.

- Spanish company Iberdrola is one of the largest renewable energy operator in the world and the third largest utility in Europe.

- Telefonica, a Spanish telecommunication company, is the third largest telecommunications company in the world, it provide services in Europe, The Americas and Asia.

- Group Inditex is one of the most important textile groups in the world, this group is the owner of brands like Zara, Zara Home, Massimo Dutti, Berkshka, Pull & Bear, Stradivarious.

- FFC SA, is the 12th largest construction company in the world, it makes lots of important operations worldwide.

- ACS is one of the leading civil and engineering construction, services and telecommunications worldwide.

- Spanish company Navantia is the 5th largest shipbuilder in Europe, and the 9th largest in the world.

- Reosol is the 15th largest petroleum refining company.

- Iberia is the largest airline in Spain and the 3rd largest airline in the world in terms of revenue.

- Spain also has got Real Madrid, which is the richest football club in the world in terms of revenue and the second most valuable.

Italians always say that their economy is stronger than the Spanish economy because they do have a strong industry and Spain doesn't, they have even cared to say that Italy has overtaken Britain as one of the largest economies in the world. I absolutely disagree with them.

London is the most important financial center in the world and its GDP is higher than their main cities together, London's GDP is $ 565 and GDP from the main Italian cities are:

Milan $ 136, Rome $ 144..

Spanish cities are even more powerful than Italian cities: Madrid's GDP is $ 230, Barcelona's GDP is $ 177,

The only reason why the Spanish economy is under speculation is because Americans don't want their dollar to be overtaken by the Euro as dominant currency. They speculate against Spain, whose economy represents 12% of the Eurozone, because they can't speculate against Germany, France, Italy or The Netherlands; these countries have got a low unemployment's rate.

Economists have recognised for some time that there are four economies within the eurozone which may need to be bailed out, they are Portugal, Ireland, Greece and Spain (sometimes referred to as PIGS)

So far, Greece and Ireland have recieved EU bailouts this year. The Spanish economy is bigger than that of Portugal, Ireland and Greece combined so its sheer size would make a Greece style bailout impossible causing a crisis in the eurozone that the Euro itself probably won't survive as a single currency.

They are speculating against Portugal. Italy still has Berlusconi and is reasonably sound, if he goes the situation may change.

The Euro is in a mess because there are too many diverse Countries some of whom shouldn't be in it. Markets want the Euro countries slimmed down to the ones that fit.

I'm italian, and i try to answer your question about my country...

So in my country, it's true that we have an high public debt, but the situation it's quite under control, becouse the Bonds (BOT e CCT) issued by the state were purchased in large part by italian families.

And then the the state is indebted, but al least families are not highly indebted.

Excuseme if i did some mistakes...but it's not easy for me write about a technical topic like this...

:)

Italy has an industry and an economy much larger and more varied than Spain !

Italy has many problems, but it is among the top 10 economies in the world !

Spain is not going bankrupted. There is a huge fight to break the Eurozone and the only way to do it is to provoke Spain's bailout given that its economy's size would make it impossible.

Italian government is controlled by Mafia bosses and cartels as it is evident by the peole in charge and their leader.They have vast amount of wealth hidden away so they not really going bankrupt!!just moaning so no one takes notice of their racketeering.

They have said already. But you might have heard about Spain more, because it is the biggest economy, and it will have more effects on the Euro.They have the same over-debt-syndrome.

You`re wrong, they talk a lot about Portugal too.

because they are completely different countries, economies have ups and downs, and now it is spains time.