Portugal is the biggest threat to Europe $EWP

Portugal is the biggest threat to Europe - Greece is an afterthought in comparison. Portugal's public debt will be 86pc of GDP this year against 124pc for Greece. However, Portugal's private debt reached 239pc in 2008: Greece was 123pc. Total debt levels matter. Portugal does not face an imminent funding  crisis. If Europe's economy grows briskly, it may be enough to lift the country off the reefs. But one thing seems sure: Germany is not going to bail out any more countries, and the IMF is too small to cover. London Telegraph