Top of the disquiet list was sovereign debt, particularly in the developed world. Economists worried that debt levels in the US (which falls to a new all-time low of 13th place in our rankings) were out of control. The UK’s budget deficit reached record peacetime levels. But the biggest concerns surrounded the countries of southern Europe, notably Greece, Portugal and Spain.
Canada, one of the best-performing countries through the financial crisis, breaks into the top 10. The financial centres of Asia, Hong Kong and Singapore continue their ascent.
But if 2010 is to become the year of sovereign risk, then the pace of change in Euromoney’s country risk rankings will only continue to rise.
With special thanks to: The World Bank, Standard and Poor’s, Moody’s, Fitch IBCA, Mezra, Swissforfaiting, Deutsche Forfait AG, London Forfaiting, HVB UniCredit, Atlantic Forfaiting Thanks go to the following economists/institutions who gave their input as well as all the other contributors: Cynthia Moskovits, Fundación de Investigaciones Económicas Latinoamericanas (FIEL); Lakshman Alles, Curtin Business School, Australia; Neville Norman, University of Melbourne; Loreti Isabella Dobrescu, University of New South Wales; Birgit Niessner, Erste Bank; Christian Helmenstein, Federation of Austrian Industries; Hardy Hanappi, University of Technology of Vienna; Cláudio Djissey Shikida, Ibmec Minas; Plamen Pantev, ISIS Sofia; Serdar Kaya, Simon Frasier University; Pablo A Correa, Santander Investment; Radmila Jovancevic, University of Zagreb; Bernard Musyck, Frederick University; Risto Herrala, Bank of Finland; Tiina Helenius, Handelsbanken Capital Markets; Nicholas M Firzli, Canadian European Economic Council; Thierry Apoteker, TAC; Matthias Goethel, Deutsche Postbank; Christian Dreger, DIW Berlin Public Economics; Michalis Vassiliadis, Foundation for Economic and Industrial Research (FEIR/IOBE); Ilias Lekkos, Piraeus Bank; Aristides Hatzis, University of Athens; Connie Bolland, ERA Economic Research Analysis; Atsi Sheth, Macro-Sutra; Anjali Verma, MF Global Sify Securities; Arga Samudro, BNI Securities/Indonesia; Francesca Panelli, Aletti Gestielle; Gregorio De Felice, Intesa Sanpaolo; Matteo Ferrazzi, UniCredit Group; Natalia Volchkova, CEFIR (Centre for Economic and Financial Research); Anton Bogdanov, Inform Gaz; Denisa Baranova-Ciderova, University of Economics Bratislava; Maria Andrejcíková, University of Economics Bratislava; Monika Tökészky, University of Economics Bratislava; Shakill K Hassan, University of Cape Town; Jose Casas-Pardo, University of Valencia; Peter Rohner, LGT Capital Management; Olena Bilan, Dragon-Capital; Tetyana Korneyeva, TACIS Project; Fraser Bomford, AkE Group; Andres Tacsir, Dun & Bradstreet Ltd; Julian Cooper, University of Birmingham & Chatham House; Nestor Gandelman; Universidad ORT Uruguay; Denise Youngblood Coleman, CountryWatch; Henry Mo, Credit Suisse; William E Dugan, Summit Analytical Associates; Mary Lou Walsh, The PRS Group; Llewellyn D. Howell, Thunderbird School of Global Management; Olufemi Babarinde, Thunderbird School of Global Management; Oswaldo López, BBVA Banco Provincial; Economic Research and Strategies Department, Grupo Bancolombia