There is a very interesting article in the Telegraph entitled “Europe’s banks brace for UK debt crisis”  which states “UniCredit has alerted investors in a client note that Britain is at serious risk of a bond market and sterling debacle and faces even more intractable budget woes than Greece”

I remember when I was in Hong Kong 11 months ago reading an article in a local newspaper that suggested that the UK would be first EU country to call in the IMF.

The consequences of a sterling fall, and/or a UK default would be severe for Ireland; however I think it now only a question of which country, Greece or the UK, will be the first to default, with the other following within months.