"EC laid to rest the long-standing theory that the song was addressed to Bebe Buell at a show in NYC Aug 12/96. He stated that PG was written about a young female art student he met in Minnesota while on tour.
EC says they repaired to the coed's automobile late one evening to discuss painting. Some local press spotted the pair and printed something nasty and untrue about the young woman. EC wrote PG in response."
http://www.elviscostello.info/faq/lyrics.php
"EC laid to rest the long-standing theory that the song was addressed to Bebe Buell at a show in NYC Aug 12/96. He stated that PG was written about a young female art student he met in Minnesota while on tour. EC says they repaired to the coed's automobile late one evening to discuss painting. Some local press spotted the pair and printed something nasty and untrue about the young woman. EC wrote PG in response."