The term 'BRIC' economies is now in common usage (Brazil, Russia, India and China), but the latest term - 'PIIG's or 'PIGS' is a little more controversial.
It appears that Barclays Capital first started using the PIIGS acronym to describe the economies of Portugal, Italy, Ireland, Greece and Spain', but Reuters has reported that the firm has now asked its analysts to refrain from using it, as it could offend the countries concerned.
But Bloomberg reports that other analysts, at banks like Unicredit, refer to the 'PIG' economies, meaning Portugal, Ireland, Greece and Spain.
And The Wall Street Journal's Heard on the Street column reminds use that, a few years back, Bank of England economists used to refer to the 'PIGSTY' economies - Portugal, Italy, Greece, Spain, Turkey and Yugoslavia.
One banker told Here Is The City: 'I don't know what all the fuss is about; just wait 'til they start talking about the Czech Republic, Romania, Armenia and Poland!'.