A salient theme that has emerged from the global financial crisis, and the one that has dominated the headlines ever since Dubai and Greece have stoked fears of a default on their debts, is sovereign risk, writes Nicholas Spiro in his column in the upcoming issue of PropertyEU. Broadly defined as the probability of a government becoming unwilling or unable to meet its loan obligations, sovereign risk has supplanted concerns about banks’ creditworthiness as debt has shifted rapidly from private to public sector balance sheets.
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