While the financial crisis of 2008 resulted in a number of European nations posting higher expenditure to revenue ratios, these pale into insignificance in comparison to the countries with the largest deficits around the world

The EU Commission has expressed confidence in the sustainability of Greece’s finances, ruling that it should no longer be subject to disciplinary measures over its deficit

Following a vote in the European Council, Spain and Portugal will be the first EU countries to be fined for having an excessive deficit budget