For the last decade, the PIIGS (Portugal, Ireland, Italy, Greece, and Spain) were the eurozone's consumers of first and last resort, spending more than their income and running ever-larger current-account deficits. Meanwhile, the eurozone core (Germany, the Netherlands, Austria, and France) comprised the producers of first and last resort, spending below their incomes and running ever-larger current-account surpluses.
在过去十年中，五猪国（PIIGS，葡萄牙、爱尔兰、意大利、希腊和西班牙）是欧元区最初和最后消费者，支出比收入更多，并存在前所未有的经常项目赤字。与此同时，欧元区核心国（德国、荷兰、奥地利和法国）则组成了最初和最后生产者阵营，支出比收入更少，并存在前所未有的经常项目盈余。