Hold the moules et frites: Belgium has joined Portugal, Spain and Italy on the hit list of countries that may be heading for financial crisis.
In the bars of Antwerp and the cafes of Bruges, the talk is less of Christmas markets and hot chocolate than of the rising cost of financing a national debt which has reached 100% of annual national income.
Like Ireland, struggling to fend off criticism of its austerity package, there are signs that international bond investors are starting to view Belgium as living on borrowed money and borrowed time.
To make matters worse, it has a broken political system and is without a government since April. International money market traders today pushed the cost of insuring Belgium's debts to record levels. The interest payments still fall short of those charged for Spain's government the Portuguese, but analysts said the gap was narrowing quickly.
"Belgium is having to pay a political risk premium, because it still doesn't have a government in place to make decisions over how to curb its spending and its debts, which is what the market wants to see," said one analyst.