When Pigs Fly: For the airlines of Portugal, Italy, Greece and Spain, the yoke of Europe’s long slump is lifting

It’s not a very flattering term, and it wasn’t intended to be. The four economies of southern Europe—Portugal, Italy, Greece and Spain, came to be known collectively by the unfortunate acronym formed by the first letters of their names: the PIGS. Since the turn of the decade, all have experienced recession, indebtedness, joblessness and—indeed—airline sector turmoil.