We know Nokia has already borrowed money, about €4.9bn, but we don't know what the small print on those bonds say. Creditors often put conditions (covenants) giving them the option to demand immediate repayment if the debtor's business deteriorates too much.

In the meantime, Nokia chief executive Stephen Elop is "opening the second envelope" – that is, firing members of his exec team, including one who imprudently followed him from Microsoft. Next time, it'll be his turn – and too late to save the company.