Risks For Private External Debt

The financial and economic storm that had been brewing in the US for some time has finally erupted since the last edition of BMI's Sovereign Risk Ratings. The failure of several financial institutions in developed markets, evasive action by the US Federal Reserve and monetary authorities across the Atlantic, and the real possibility of a US recession (with risks increasingly skewed towards a prolonged downturn) have combined to make 2008 an uncertain year for emerging market assets, not least for sovereign debt.

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