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PIIGS trample energy prices

02/15/2010
By Sam Fletcher
Energy prices flopped with crude down 5% for its biggest 1-day loss in 6 months Feb. 4, then tumbled below $70/bbl to a 7-week low before "bottom pickers" bid prices back above $71/bbl Feb. 5 on the New York market, amid growing global concern that the weak economies of Portugal, Ireland, Italy, Greece, and Spain (PIIGS) may undermine Europe's recovery from the recession.That's because of the high percentage of public debt to gross national product in those countries. Reuters published estimates of 77.4% for Portugal, 64.5% Ireland, 115% Italy, 113.4% Greece, and 53.4% Spain. Greece is seen as the weakest link in the eurozone, and there is fear it will default on its public debt...
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