Portugal's government may collapse today over parliament's rejection of the country's austerity budget.

If that does happen, Portugal would be without a government for several months, as elections would have to come first. If the Prime Minister does resign, Portugal will go into tomorrow's European summit without a leader. An austerity budget may be put on the back burner, and markets may become restless and target the country.

It could quickly turn to the EU-IMF for a bailout, like Ireland and Greece did.

It's uncertain whether this will be the outcome, but instability over the country's budget is increasing the risk.

But who is next in Europe? And what's their current political situation.