The 21 Countries Most Likely To Default

Greece Protest

Photo: AP

Greek CDS are blowing out this morning, as the likelihood the country receives another bailout from eurozone leaders decline. Domestic political tensions are now threatening to derail new austerity measures, and the threat is spreading throughout the eurozone’s fringe.While much of the world has remained flat for the last month in terms of its credit risk, the eurozone’s problems have only gotten worse.

We’ve ranked the top 21 countries by today’s intraday CDS price, or the cost to insure each country’s debt. It isn’t a perfect ranking of what country is likely to default first, or when, but does show a growing consensus from market participants that the crises in these states is getting worse.

#21 Russia

Current 5-year CDS Price (bps): 141.17

May 23 5-year CDS Price (bps): 136.83

Note: A 5-year CDS price of 1000 bps suggests it costs $1 million to insure $10 million of debt.

Source: CMA Datavision (via Bloomberg)

#20 Poland

Current 5-year CDS Price (bps): 141.97

May 23 5-year CDS Price (bps): 140.32

Note: A 5-year CDS price of 1000 bps suggests it costs $1 million to insure $10 million of debt.

Source: CMA Datavision (via Bloomberg)

#19 Peru

Current 5-year CDS Price (bps): 143.81

Note: A 5-year CDS price of 1000 bps suggests it costs $1 million to insure $10 million of debt.

Source: CMA Datavision (via Bloomberg)

#18 Kazakhstan

Current 5-year CDS Price (bps): 148.00

May 23 5-year CDS Price (bps): 151.52

Note: A 5-year CDS price of 1000 bps suggests it costs $1 million to insure $10 million of debt.

Source: CMA Datavision (via Bloomberg)

#17 Belgium

Current 5-year CDS Price (bps): 152.17

May 23 5-year CDS Price (bps): 156.88

Note: A 5-year CDS price of 1000 bps suggests it costs $1 million to insure $10 million of debt.

Source: CMA Datavision (via Bloomberg)

#16 Turkey

Current 5-year CDS Price (bps): 168.05

May 23 5-year CDS Price (bps): 164.21

Note: A 5-year CDS price of 1000 bps suggests it costs $1 million to insure $10 million of debt.

Source: CMA Datavision (via Bloomberg)

#15 Italy

Current 5-year CDS Price (bps): 173.33

May 23 5-year CDS Price (bps): 167.88

Note: A 5-year CDS price of 1000 bps suggests it costs $1 million to insure $10 million of debt.

Source: CMA Datavision (via Bloomberg)

#14 Lithuania

Current 5-year CDS Price (bps): 195.67

May 23 5-year CDS Price (bps): 201.50

Note: A 5-year CDS price of 1000 bps suggests it costs $1 million to insure $10 million of debt.

Source: CMA Datavision (via Bloomberg)

#13 Bulgaria

Current 5-year CDS Price (bps): 209.00

May 23 5-year CDS Price (bps): 203.50

Note: A 5-year CDS price of 1000 bps suggests it costs $1 million to insure $10 million of debt.

Source: CMA Datavision (via Bloomberg)

#12 Romania

Current 5-year CDS Price (bps): 238.30

May 23 5-year CDS Price (bps): 230.17

Note: A 5-year CDS price of 1000 bps suggests it costs $1 million to insure $10 million of debt.

Source: CMA Datavision (via Bloomberg)

#11 Croatia

Current 5-year CDS Price (bps): 266.33

May 23 5-year CDS Price (bps): 264.83

Note: A 5-year CDS price of 1000 bps suggests it costs $1 million to insure $10 million of debt.

Source: CMA Datavision (via Bloomberg)

#10 Hungary

Current 5-year CDS Price (bps): 266.67

May 23 5-year CDS Price (bps): 260.00

Note: A 5-year CDS price of 1000 bps suggests it costs $1 million to insure $10 million of debt.

Source: CMA Datavision (via Bloomberg)

#9 Spain

Current 5-year CDS Price (bps): 284.67

May 23 5-year CDS Price (bps): 275.67

Note: A 5-year CDS price of 1000 bps suggests it costs $1 million to insure $10 million of debt.

Source: CMA Datavision (via Bloomberg)

#8 Vietnam

Current 5-year CDS Price (bps): 319.80

May 23 5-year CDS Price (bps): 305.45

Note: A 5-year CDS price of 1000 bps suggests it costs $1 million to insure $10 million of debt.

Source: CMA Datavision (via Bloomberg)

#7 Lebanon

Current 5-year CDS Price (bps): 340.93

May 23 5-year CDS Price (bps): 359.35

Note: A 5-year CDS price of 1000 bps suggests it costs $1 million to insure $10 million of debt.

Source: CMA Datavision (via Bloomberg)

#6 Ukraine

Current 5-year CDS Price (bps): 454.00

May 23 5-year CDS Price (bps): 450.02

Note: A 5-year CDS price of 1000 bps suggests it costs $1 million to insure $10 million of debt.

Source: CMA Datavision (via Bloomberg)

#5 Argentina

Current 5-year CDS Price (bps): 599.68

May 23 5-year CDS Price (bps): 612.77

Note: A 5-year CDS price of 1000 bps suggests it costs $1 million to insure $10 million of debt.

Source: CMA Datavision (via Bloomberg)

#4 Ireland

Current 5-year CDS Price (bps): 760.33

May 23 5-year CDS Price (bps): 662.83

Note: A 5-year CDS price of 1000 bps suggests it costs $1 million to insure $10 million of debt.

Source: CMA Datavision (via Bloomberg)

#3 Portugal

Current 5-year CDS Price (bps): 785.33

May 23 5-year CDS Price (bps): 663.67

Note: A 5-year CDS price of 1000 bps suggests it costs $1 million to insure $10 million of debt.

Source: CMA Datavision (via Bloomberg)

#2 Venezuela

Current 5-year CDS Price (bps): 1117.39

May 23 5-year CDS Price (bps): 1026.92

Note: A 5-year CDS price of 1000 bps suggests it costs $1 million to insure $10 million of debt.

Source: CMA Datavision (via Bloomberg)

#1 Greece

Current 5-year CDS Price (bps): 1687.87

May 23 5-year Mid CDS (bps): 1393.33

Note: A 5-year CDS price of 1000 bps suggests it costs $1 million to insure $10 million of debt.

Source: CMA Datavision (via Bloomberg)

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.