The British consulting company CMA just published the Q4 Sovereign Debt Credit Risk Report. According to CMA, the world's top-ten riskiest borrowers are:
1. Greece
2. Venezuela
3. Ireland
4. Portugal
5. Argentina
6. Ukraine
7. Spain
8. Dubai
9. Hungary
10. Iraq
Spain's implied probability of default within the next five years is 26.7%, and its implied credit rating is BB-.
You know you have a problem when they put you in the same bag as Greece and Iraq, credit-wise.
Here's the report.
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