The PIGS are the soft under-belly of the eurozone Portugal, Italy, Greece and Spain. Greece is a goner, and it is rumoured Portugal is next in line. Greece looks as though it is going to call on the rescue package to fund its deficit. The hope that the announcement of the package would avert problems for Greece has proven to be false. Greece is paying the proverbial arm and a leg to borrow.
It looks increasingly likely all four countries will face a funding crisis, with Ireland not far behind. Could this presage the end of the eurozone? It may well do if the German courts rule the nation's involvement in any rescue package is unconstitutional. Should the eurozone unravel, what then for the EU?
Very serious problems ahead and the UK will not be immune as it seeks to borrow to meet its deficit.
TYKE IN KENT'S THEOLOGICAL RAMBLINGS
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