The US deep state will fiercely fight such a perspective
by system failure
The birth of both these acronyms comes from the widely used marketing practice that makes some things easier to remember and stigmatize. The whole story was actually an invention by the modern, mainstream economic school.
On the one hand, the bad "students" of the PIIGS (Portugal, Italy, Ireland, Greece and Spain), conveniently placed in such an order to be "nailed" in everyone's mind as something repulsive, like a dirty pig. On the other, the "good examples" of the emerging economies BRICS (Brazil, Russia, India, China, South Africa), placed in such an order to remind someone that some countries are trying to build their economies wisely, brick by brick.
Of course, all this mainstream perception was created fifteen or twenty years ago, when the West was certain that neoliberalism would manage to conquer the whole planet. The big irony of the whole story, is that PIIGS were always playing by the rules of the neoliberal bubble-style economy, and, especially when the crisis hit Greece and eurozone, they became the scapegoat of this crisis.
And while the system managed to blame the Greek public for all the catastrophe in Greece, hiding the huge responsibilities of the bankers who were rescued at the expense of the taxpayers, no one really understands why Ireland should be stigmatized as being sometimes part of the PIIGS. The crisis there was clearly caused by the banks. How the Celtic tiger became suddenly a pig?
Russia's economy was literally destroyed by the IMF in the late 90s and yet the country was put in the BRICS as a model that someone should follow. Not that we shouldn't expect such thing. Today, IMF new victim, Greece, is treated with a similar absurdity: when the Greek government (mostly previous government), obeys to the IMF destructive policies, is rewarded with the next dose of liquidity (like a junkie who begs for the next dose), but when chooses to resist (mostly current government), is being punished. Latest example is Greece's exclusion from the new QE program by Draghi.
Today, things have changed. The BRICS walk fast towards an independent road, far from the absurd economic sadism of the West. Countries that have been attacked by the international financial mafia, like Argentina and Venezuela, are now see an alternative to the economic dead end and exclusion.
Meanwhile, the "empire" insists on the catastrophic policies imposed to the eurozone periphery, or, PIIGS if you prefer. While the eurocrats let us believe that they act purely on economic basis, the "emperor" Draghi actually has been exposed through his latest decision to exclude Greece from the new QE program, which was purely a political move.
So, how long the PIIGS will tolerate this sadistic behaviour? The system by BRICS is almost ready and gives the alternative to the neoliberal catastrophe. Maybe it's time for PIIGS to join BRICS, but this would require radical changes in the political scene of the European periphery. Greece took a step and Spain will probably follow soon. Why not the rest?
Certainly, the US deep-state will fiercely fight such a perspective, mostly because it would mark the Sino-Russian expansion to traditionally Westernized territories, but also, because it would be received, mostly by the neocons, as a threat through the Russian geopolitical expansion. This explains partly the pressure by the US, mostly to the Germans, to loose the rope around Greece's neck.
Greece could play the BRICS "card" alone, but it would be much easier to be done together with the rest of the PIIGS. A coordinated strategy by the PIIGS will probably force the eurocrats to retreat and make Europe to change course. Otherwise, there will be no alternative for PIIGS but to join BRICS!