After reading this from Marginal Revolution, I then went to the CMA website showing credit default swaps on sovereign debt risk. This is data from Tuesday 25th May 2010, the state of California is at number ten and Ukraine is at number five for riskiest sovereign debt. Ukraine is sandwiched between Pakistan (at number 4) and Iraq (at number six). Greece isn't too far from Ukraine on this list. I wish I had gone to CMA's site after the gas-base deal or after the election in order to compare today's data. I suppose the weak economy is one reason why Ukraine remains high on this list, but it hasn't experienced political violence on the scale of Pakistan or Iraq or even Greece. Perhaps its fear that Ukraine will revive some bad practices?
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