PIIGS will fly

The latest €30bn Greek bailout proposals have done little to calm sovereign debt market fears. Greek debt continues to fall as investors worry about the EU deal and the country’s deficit gap. They worry too that other struggling Mediterranean nations may have problems stumping up their share of the rescue package or face similar funding problems themselves. If that is the case, the PIIGS (Portugal, Ireland, Italy, Greece and Spain) face years of high servicing costs, slashed government spending and weak economic growth. But for some European equity managers, sovereign problems are not a ...