Ireland shouldn't be penned with Pigs says broker
Published 10/02/2010 | 05:00
IRELAND has made a "pig's ear" of managing the economy but does not deserve to be included among the so-called Piigs economies, NCB Stockbrokers said in a report yesterday.
NCB's claim that Ireland should not be bunched together with Portugal, Italy, Greece and Spain to create the popular Piigs acronym comes as Italian analysts at UniCredit use the acronym PIGS -- with the 'i' in that case only referring to Ireland.
Economists in countries that have been included in the Piigs nickname are trying to argue that their countries should not be bundled in with Greece -- as investors dumped assets in the eurozone's smaller economies on fears about budget deficits. The securities unit of London-based Barclays ordered analysts last week not to use the Piigs nickname in notes to clients.
"In our view, Ireland should not be grouped with the southern European economies because it is a more dynamic, productive, flexible economy with a high-value added exporting sector," the NCB economists argued in a report yesterday.
"The culmination of these factors is that the Irish economy is likely to run current account surpluses more often than not post-2010, just like it did in the period 1992-2002."