Via ZeroHedge, Portugal certainly seems to be quickly heading in the direction of the emergency stability fund given it’s ECB borrowings are growing rapidly at the same time as it’s government bond rates approach the point where borrowing from other Eurozone states will be cheaper (humour emphasis mine) :

Earlier, we pointed out the abysmal results of the most recent 5 Year Portuguese auction, which came in at a whopping 4.657%, nearly 1% higher than the last such auction from just a month ago, which then closed at 3.7%. Alas, the deteriorating funding environment in Portugal is not a fluke – according to the Bank of Portugal, bank borrowings from the ECB surged in the past month, and doubled from €17.7 billion to €35.8 billion in May. As Steven Major from HSBC said, quoted by the FT: “These yields are approaching that magic number of 5 per cent that is likely to be charged by the European stability fund. If the yields keep going up at this rate, then they will be paying much more than 5 per cent next month, which is arguably unsustainable.” And confirming the non rose-colored glasses reality was another banker who said: “These yields are not sustainable. Portugal will have to access the emergency stability fund if they continue to rise at this rate.” Elsewhere, Greece continue to be bankrupt.

The following chart from the article amply demonstrates Portugal’s impending rush for safety :

All of which reminded me again of the following bit of Australian satire via The Devils Knife which explains the whole silly game of everyone bailing out everyone else in a couple of very amusing minutes.
_