That’s not a misspelling; the PIIGS are Portugal, Italy, Ireland, Greece and Spain. These European democracies are verging on bankruptcy and if we add Iceland, which depending on whom you believe has already defaulted the spelling becomes PIIIGS!
We in Canada should not gloat, things while better, are bad enough that problems will inevitably start showing up soon if drastic measures aren’t taken.
In today’s Globe and Mail Neil Reynolds has an excellent article which holds a mirror up to the Western democracies and the reflection is ugly. It’s absolutely worth your time.