Originally (and pre-Gay) Eurotrash was the term in the late 70's - early 80's describing all sorts of younger aristocratic and semi-aristocratic people that descended on NY. While these people were well mannered and had "euro" accents, they effectively were sitting out events such as the turbulence in Spain at the time, the socialist revolution in France and other turbulent events back home that were going to effect their families money/status. They effectively lazed around and did nothing but go to clubs. They did however dress well and vacation in wonderful places.