EM default risks: more than meets the eye

The effects of the pandemic followed by the war in Ukraine have pushed a growing number of EMs into debt distress. And while some (Tunisia, Ghana) look likely to follow Sri Lanka’s path into default, at this stage, default risks in the largest EMs look minimal; instead, the bigger problem they face is a slow-burning rise in public debt ratios. Note: We'll be discussing EM debt crises, with specific reference to Sri Lanka and Pakistan, in a 20-minute online briefing today at 09:00 ET/14:00 BST. Register now.

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