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PIGS (or pigs) is an economic term for the southern European countries (Portugal, Italy, Greece and Spain: P-I-G-S) who suffered greatly the 2011 European debt crisis and were forced to implement austerity measures to stop their ever-growing public spending. It's used online in a derogatory or ironic sense to refer to the people of these countries, highlighting their supposed poverty, corruption or, more generally, to their supposed laziness, hotness and chill mediterrean 'lifestyle'.
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