First One Out Is A Rotten Egg

Well the race is on to see which country will be the first to default on its debt during this economic crisis. Right now Pakistan has the inside track since the rating on its debt just got dropped to CCC+ rating which is just above default.

But don't count Iceland out of the bankruptcy derby. Its substantial banks which service a lot of Europe are seriously up to their teller machines in toxic debt and the government has no way of helping them out. Most of its citizens own shares in those banks and as such are getting completely wiped out.