As Greece slipped deeper into its financial abyss, Portugal, once grouped in with Ireland, Greece and Spain as "PIGS", is recovering and the central bank estimates suggest that the economic growth for the second quarter was 1%, the fastest rate of expansion in eight years, encouraging the Bank of Spain to hike its 2015 forecast for economic growth to 3.1% and it seems like such upward trend will continue until next year. Until now, there has been visible polarization in terms of the economic development in PIGS, the recovery of Spain's economic will be able to cut off the ripple effect from the Greece debt crisis.