Within the PIIGS, the problems are not just excessive public deficits and debt ratios (in different degrees and measures in the five countries). They are also problems of external deficits, loss of competitiveness, and thus of anemic growth.
“欧猪五国”的麻烦不仅在于公共赤字过大、负债率过高（在这方面5个国家程度有所不同），还在于对外收支赤字、竞争力丧失和增长乏力。