The P.I.G.S. Are Back

PIGS … it’s an acronym for Portugal, Ireland, Greece and Spain. Four countries in the EU with serious debt problems.

What brought the PIGS to the edge of the abyss?

All are neo-socialist states that provide generous welfare for poor people, generous unemployment, universal health care, early retirement and comfortable pensions. Most consume 40 percent to 50 percent of their gross domestic product annually, a crushing burden on the private sector.

Utopia.