Let us see where these countries stand as per their ratings by rating agencies and find out who would go burst in which order.
It seems Germany is the only country for which all the three rating agencies unilaterally agree on stable outlook. UK, Netherland and Austria are in stable zone. But look at the outlooks of rest, all negative except Greece which can’t go more negative than that. So, for people who are guessing how would the EU states default look like, here is the order in which they would go burst. Greece which has already started to default. Then it would be Portugal who will very soon start asking for Greek type bailouts. They would be followed by Ireland,Italy and Spain would be fighting hard as to who will be the first to default but I guess it would be Spain. By the time all this happens the ratings of UK and France would have already gone down and what happens after that is called ‘depression’.