First Dubai, then Greece, then Spain Italy Portugal Ireland Iceland...

SHOOT: I believe some experts have remarked that the recovery has started. I find it odd that this is suggested when we know worldwide credit was wiped out recently, and we're now seeing sovereign defaults. That means entire countries going bankrupt. And of course there isn't really any money to save these countries...

clipped from www.economist.com clipped from www.economist.com The markets still see the risk of a Greek default as high Greece was initially seeking up to €45 billion ($60 billion) in emergency loans from euro-zone governments and the IMF this year, the first chunk of which will be needed by May 19th, when the Greek government must refinance a €8.5 billion bond. But as the crisis has worsened it has become clear that Greece could need much more. On Wednesday it was reported that the EU and IMF were preparing a package worth up to €120 billion over three years—if so, the biggest sovereign rescue yet attempted. Nevertheless, even aid on this scale might only postpone an eventual default, if Greece's economy fails to grow faster than its debt pile. Portugal is touted as the next European country at risk If Portugal comes under intense pressure, contagion might then spread to Ireland, Italy or Spain, the other euro-area countries with some mixture of big budget deficits, poor growth prospects and high debts.