There's this club. One of its members, Paddy goes broke. So the club gives him some money. But then, Alberto goes broke too, so they tell Paddy he must borrow more money to give to the club to give Alberto. In the meantime, the club raises interest rates, so Paddy has to pay even more on his loans - and so will Alberto.

Worse, though, is that non-members have to pay to.

Welcome to Fred Karno's bail-out club, where everything is just a circus: clowns and all.

::) ::) >:( 

Freking banks!.

At least when Britain lends (not pays/gives as the idiot media keep saying) Portugal money we will be getting a better rate of interest on it than the money Britain is borrowing. So Britain is actually a net gainer from this situation amazingly.

The only small concern is if they default. No doubt our government will have built in clauses like "if they default then we can have their Portugese National Railway Network" or similar.