France UK Portugal Italy Ireland Greece Spain. I don't understand what's different about France and Uk except that they're not considered to be lazy (like IGS) nor are they in as bad shape as I, but seriously, the debt and deficit differences between UK/France and Spain and Italy are really negligible. Italy is actually in pretty good shape compared to FU, imo budget-wise. Spain also has a huge unregistered economy, so unemployment is nowhere near as severe. Also, especially compared to UK, Spain has much more sense of social responsibility and poverty has less impact on social stability as those who are poor in Spain are not automatically shunned from society as much as in other countries. (Besides Spain was already poor not too long ago while a step back would be "unacceptable" for French and British people possibly leading to more steps back) The only reason not to have FU PIIGS is perception. The only countries that truely belong on that list are Greece and Ireland and it's because they have shitty government. The rest is all in the same boat bar public (market) perception.