Some people seem to be looking forward to this prospect as way of getting payback against teachers and nurses and anyone better paid then themselves, seeing as they can't get at the banksters.

Here's what would happen: they'd fire a bunch of public servants. Enjoy. Then they'll cut social benefits. If your parents are pensioners, you'll have to support them. If any of your extended family were fired, they'll be looking to you for help too.

Then the IMF will sell off the electricity, gas, roads and water utilities at fire-sale prices to the Chinese who will run them the from their own call-centres, sending in their own workers to maintain them and charge you lots more than at present.

Oh, you'll be paying more tax too...the national debt and all that.