PIIGS are still Pigs

Putting Lipstick on PIIGS doesn't make the economy instantly better. The so-called PIIGS (Portugal, Italy, Ireland, Greece and Spain) and the European common currency were slaughtered last week. But, over the weekend, Europeans developed unprecedented measures that have succeeded—so far at least—in reversing the earlier panic. The most volatile day in over 25 years occurred last week when the market fell by more than 1000pts to rally back 700.