Abstract

This study reviews research and provides discussions on various aspects of optimal currency areas, the link between debt and growth rates, and government debt levels for the PIIGS countries which consist of Portugal, Ireland, Italy, Greece, and Spain. Ten years after the Great Financial Crisis (GFC), and five years after 2013, the year of peak debt levels to GDP for the PIIGS countries and the year of the lowest real GDP levels between 2011 and 2018 for the PIIGS countries, this study provides an assessment of PIIGS country performance relative to each other and to the EU. The study time frame includes the years 2013 and 2018 using twelve measurements grouped into four sections which provide insight into the economic performance of the PIIGS countries. The sections are Trade Flows, Industry / Debt / Foreign Direct Investment (FDI), Demographics, and Economic Outcomes. Based on a summary analysis of the measurements, the overall ranking is: Ireland, followed by the EU, Spain, Portugal, Italy then Greece.

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