Argentina’s lengthy debt saga returned to the spotlight last week, with its second default in only 12 years triggering George Soros and other investors to sue Bank of New York Mellon for withholding interest payments.
This came after Argentina refused to comply with a U.S. legal ruling ordering it to repay $1.3 billion to creditors, triggering a selective default. Moody’s Investors Service downgraded its outlook for the country’s debt to “negative” at the end of July and confirmed its long-term credit rating at “Caa1″—meaning it views Argentine debt as a highly risky investment at the precarious end of the “junk bond” spectrum.
Argentina is, nonetheless, only one of several countries whose shaky finances leave them on the brink of being unable to repay their obligations. Moody’s currently rates 10 other countries’ debt as equally or even more risky than that of Argentina. These span the globe, from nearby by Venezuela and Ecuador to Pakistan and Greece.