Some PIIGS Are Flying

March 21, 2014

While Portugal, Italy, Ireland, Greece and Spain have all seen borrowing costs fall, equity recovery has been uneven.

PIIGS - Where Are They Now

* The Global X FTSE Portugal 20 ETF (PGAL) only launched in November 2013. The FTSE Portugal index is used as a proxy instead.

  • The most impacted PIIGS countries, Greece and Portugal, have yet to see a robust equity recovery despite drastic improvements in their borrowing costs. PIIGS stands for Portugal, Italy, Ireland, Greece and Spain.
  • Three of the five countries (Italy, Ireland and Spain) are borrowing at lower rates than before the crisis accelerated.
  • The iShares MSCI Ireland Capped ETF (EIRL | C-60) and the iShares MSCI Spain Capped (EWP | B-94) have had the greatest rebound since their respective peak-crises.
  • Greece and the Global X FTSE Greece 20 ETF (GREK | D-54) will be in focus as S&P releases the latest review of Greece's sovereign debt rating after the close today.

 

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