I suspect its the 2nd to last cartridge left in the chamber to bail themselves out. They'll save the last round for themselves (i.e. printing money) to save the ignominy of default. But they'll tap into private "savings" accounts before that, so I guess its the 3rd to last round in the gun.
One of my concerns is super funds investing in public infrastructure projects. I believe governments, i.e. public servants, are generally speaking pretty awful business managers and consequently can't be trusted to do this stuff properly. There are examples here in Brisbane with a couple of tunnels which, since being completed, have spectacularly failed to generate toll revenues anywhere near the original projections.
I'd rather be in the hedge fund taking my share of the money, if they pull it off. All those funds that have low management fees, compare the fees after as net return. Good if you only pay 1% per annum for 6% return -> net 5% return. Better to pay 3% fees for 12% return -> net 9% return. Low fees ain't everything. Many hedge fund return big for investors and have higher fees. I wouldn't put all my savings into it but a decent holdings.
