The focus thus far in the European crisis has been on the PIIGS, Portugal, Italy, Ireland, Greece, and Spain.
But with two of those countries already bailed out, and Portugal on the brink, it seems now is the time to look beyond the PIIGS and at the other worries in the eurozone.
5-year CDS price: 99 bps
Debt to GDP Ratio (2009): 77.5%
Other problems: France has been crushed by austerity protests over raising the retirement age, and it is creating political uncertainty within the country. If France cannot tame its own spending, it is unlikely it will be able to provide continued support to the eurozone's fringe.
5-year CDS price: 182 bps
Debt to GDP Ratio (2009): 97.6%
Other problems: Belgium has debt problems, but there is also a political crisis looming that could rip the nation in two. Dutch speaking Flanders and French speaking Wallonia have been unable to sort out a government.
The country's debt to GDP ratio is likely to be over 100% in 2010, according to WSJ.com.
5-year CDS price: 246 bps
Debt to GDP Ratio (2009): 115.2%
Other problems: Italy has seen austerity protests in recent weeks, but more worrying might be the country's economic slowdown. That slowdown could lead to a reduction in tax revenues, increasing the country's deficit.
Right now, Italy's banks are not in need of much support, but a further slowdown in the eurozone might force them to go to the ECB for aid.
5-year CDS price: 352 bps
Debt to GDP Ratio (2009): 52.2%
Other problems: Spain's banking sector has, thus far, not been in need of much aid from the public sector. This could change dramatically, however, if home prices continue to dip across the country, much like they did in Ireland.
Then Spanish banks might need support from the Spanish government, which would then seek help from the European Union and, in the worst case scenario, the IMF.
5-year CDS price: 545 bps
Debt to GDP Ratio (2009): 76.9%
Other problems: The pace at which portugal is taming its budget deficit is underwhelming, with its current deficit at 9.5% of GDP according to opposition party officials.
The country's current account balance is also in terrible shape, projected to be the worst in the eurozone in 2011 and 2012.
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