Why do PIIGS matter to the price of corn in Indiana?. Philip Abbott. Euro Crisis. Unsustainable sovereign debt for Portugal, Italy, Ireland, Greece , Spain (PIIGS) 166% of GDP in Greece High interest rates (risk premiums) for PIGS European banks exposed to defaults
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Price does affect trade value significantly, and
Dec 2008 corn futures fell from nearly $8 in July to almost $3 in December,
With much of that fall after Lehman Brothers failed.