All over Europe our rotten and creaking financial system is threatening to collapse - taking savings, pensions and jobs with it.
This is an extremely serious development - the true extent of the danger to economies all over Europe is only now emerging - and few people can consider themselves safe from the potential contagion.
Why the huge discrepancy? Well in an order to avoid adding panic to an already fraught situation the government has failed to include UK exposure to those wonderful Credit Default Swaps.
'It's not the direct loan that's the problem, it's the derivatives of those loans which can go on to be multiples of the actual original size of the loan.
'London made a vast amount of money in the ten years before this crisis selling those loans. Those chickens may now be coming home to roost.'