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Recently we sometimes hear the word “PIGS (or PIIGS)”.
PIIGS means Portugal, Italy, Ireland, Greece and Spain.
All of them have severe financial difficulties.
Though Japan also has bad finance, there are some excellent companies in Japan, and Japan doesn’t borrow any money from foreign countries.
If one of PIIGS is in default, German or English banks will go bankrupt.
It would be the worst scenario and investors in the world are also worried about it.