UK almost in PIIGS league

Portugal, Italy, Ireland, Greece and Spain have been dubbed the 'PIIGS' due to their large debt burdens. However, the UK could now be joining this dreaded list as it now lies in fourth place behind Ireland in the RBC Capital ranking of countries with the most fragile public finances. Meanwhile, Greece was dealt a crushing blow to its sovereignty as the EU stripped the troubled nation of its vote in a meeting next month. Greece was warned unless it introduced austerity measures it would lose control of tax and spending policies.