Analysts are asking serious questions about the struggling Finnish phone maker's ability to stabilise its finances. According to Reuters, the cost of Nokia's debt appears to be following the same model as Greece.
The company could even be at risk of defaulting on its debt and having to issue its own currency if it fails to slow the burning of its cash.
Nokia has eroded its cash pile by €2.1 billion ($2.7 billion) which means it will have no money in a couple of years, unless it wins the lottery.It could burn through almost €2 billion more in just three quarters.
Societe General credit analyst Juliano Torii warned that Nokia will have some difficulty paying its shorter-term 2014 bond.
In 2007, the company had €10 billion in cash on hand and has two bond issues outstanding, €1.25 billion euros of 5.5 percent bonds maturing in 2014 and €500 million of 6.75 percent notes due in 2019.
The bonds are rated as junk by Fitch and Standard & Poor's.
A Nokia spokesperson admitted that improving its cash flow was an important goal.