Euromoney Country Risk Euromoney Country Risk Survey | Page 6

Country Risk:

In search of the next investment-grade sovereign

“In December 2013, we also learnt that the Slovenian banking system needed around €5 billion, implying a
non-negligible risk of default in the short term.”
ECR contributor Constantin Gurdgiev, a professor at Trinity College, Dublin, notes that the euro area continued
to suffer from “acute leadership deficit.”
“Shifting from the risk-management mode that underpinned relatively rapid and robust rhetorical responses to
the crisis in 2012 to a navel-gazing mode, with few of the policy proposals tabled in 2012 in response to the
crises either implemented or fully structured in 2013.”
Spain is in danger of becoming the seventh member to join the triple-digit club this year, with France not far
behind if its fiscal situation is not dealt with appropriately. Latvia, the newest member of the euro club, seems
oblivious to all this; its score rose sharply last year on the back of strong growth and a balanced budget.
More than 400 economists and other experts from a range of financial and other institutions take part in
Euromoney’s Country Risk Survey. They evaluate the risks faced by international investors in more than
180 markets, scoring countries across a range of political, economic and structural criteria. These are added to
values for capital access, credit ratings and debt indicators, and aggregated each quarter to provide a total
risk score.

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