In line with the Brics and Africa, Latin America has resisted any further decline in its average score this quarter, and has lost less than half a point during the year (6.4 since September 2010). The region is sandwiched between Central and Eastern Europe (considered less risky) and Asia (slightly more) both of which exclude the Commonwealth of Independent States.
The gap to Asia has narrowed to almost nothing. Nonetheless, these average performances hide some interesting developments.
Some of LatAms lowly ranking countries, for instance (Argentina, Belize, Nicaragua and Venezuela) are among those that have seen the largest falls in their ECR scores (increased risk) this quarter.
Argentina and Venezuelas economic and political problems are well-documented, and both countries remain poles apart from Chile, which has also fallen slightly. Chile is not only the safest sovereign in Latin America, but also the 16th safest in the world, according to ECRs global rankings, some 14 points and 21 places ahead of Brazil, the regions second-safest sovereign, now 37th.