Ukraine Among Top Three Economies Most Likely to Default

14:27 15.08.2015(updated 14:35 15.08.2015) Get short URL

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Venezuela is by far the world's riskiest sovereign borrower followed by Greece and Ukraine, according to the data provided by the Bank of America.

The countries with the most risky debts were determined according to the prices of credit-default swap spreads, a key financial instrument used for swapping the risk of debt default.

Fire smoke and protesters on Maidan Nezalezhnosti square in Kiev

Maidan Left Ukraine With Wrecked Economy

Ukraine has been edging economic collapse since the US-sponsored coup brought the current Kiev authorities to power. The country relies heavily on external financial assistance to breathe life into its stagnant economy amid deep recession, high inflation and rampant corruption.

The overall external financial aid package to Kiev amounts to some $40 billion in loans from the International Monetary Fund, the United States and the European Union among others.

Other countries that made the top ten include Pakistan, Egypt, Cyprus, Russia, Brazil, Kazakhstan and Turkey. Germany was named the world's top risk-free country.