australia to contribute up to $500bn to imf, page-7

"but wait until the second half of this decade when the sh#t really hits the fan!!!"

It might hit the fan sooner than that - like the second half of this year.

Portugal's bonds are now rated as junk like Greece. So Portugal will want its debt restructured like Greece too. Then who's next?

Each restructure wipes hundreds of billions off the balance sheets of the banks who own the bonds. Can they afford that?