Sovereign Debt = Hungary

Bloomberg.com: Reports that Hungary could default on its sovereign debt. In other words Hungary could go belly up like Greece, one has to ask how much bailouts the world economic system can take before Hungary, Greece, Spain, Italy, Portugal, Ireland are allowed to go to the wall. At the end of the day the economic bailouts don't solve the problem, they are a bandage that stems the economic blood flow, but in keeping these countries going the entire system is getting affected, it can be argued that it would be better to allow countries to default, then they can scrap the costs of their welfare state structure and restart the system on a better foundation. The question do the politicians have the guts to take this drastic action or will they allow the economic cancer to kill the system.