New PIGS, the CANNS or SNACZ?
There is currently much talk within the financial markets of the ‘new PIGS’, a group of countries which are widely viewed as having inflated property markets and notably elevated levels of debt that are therefore likely to prove vulnerable to the tightening in global (banking system) liquidity trends.
We are however strangely reluctant to use the PIGS acronym again, having previously annoyed the originals in the course of an article in the Financial Times a number of years ago.
Another prospective name for the group is the CANNS (Canada, Australia, NZ, Norway and Sweden) but we would prefer not to include Norway in this group, and so we are suggesting the use of SNACZ, a phrase dreamt up by an Australian friend of ours (even though it has required splitting the N from the Z in NZ….).
Much more seriously, these economies have suffered severely from the tyranny of global capital flows over the last 15 or so years.
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