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We present the simplest possible model for a semilocal string defect in which a U(1) gauged subgroup of an otherwise global SU(2) is broken to produce local cosmic strings endowed with current-carrying properties. Restricting attention to type II vortices for which the non-current-carrying state is unstable, we show that a condensate must form microscopically and macroscopically evolve towards a chiral configuration. It has been suggested that such configurations could potentially exist in a stable state, thereby inducing large cosmological consequences based on equilibrium angular momentum supported loop configurations (vortons). Here we show that the current itself induces a macroscopic (longitudinal) instability: we conclude that type II semilocal cosmic strings cannot form in a cosmological context. [ABSTRACT FROM AUTHOR]