Greece's newest bailout package helped stave off the threat of default, at least for now. Investors, meanwhile are left to wonder what other countries remain at risk.
A new Sovereign Risk Index released in June, by asset managing company BlackRock, attempts to give international bond traders a clearer sense of which countries have solid credit, and which ones don't. The index uses measures such as a country's proximity to debt crises, international financial positions, institutional strength and financial sector health to quantify the credit worthiness of any individual country.
And despite its newest bailout, Greece still tops the list.
Greece, reports CNN, is currently the central focus of the European sovereign debt crisis. With two EU backed bailouts in as many years, Greece has been unable to move its balance sheet out of the red. The cost of insuring Greek debt is the highest of the 44 countries the index surveyed, reaching, according to index, close to 1600 base point, or nearly 600 points higher than the second most costly to insure, Venezuela.
The Greek debt crisis is also one of the driving forces behind the low credit scores of other peripheral European states, such as Portugal, Italy and Spain. Each country's close proximity to the Greek crisis, mixed with individual systemic weaknesses, has placed their credit worthiness at risk.
Turkey, despite having what CIA Factbook listed as a manageable 48.1 percent debt to GDP ratio, is being dragged down by both the Greek debt crisis as well, on top of the recent revolutions in the Middle East, reports Bloomberg.
America's credit, despite being ranked as slightly more risky than that of China, was still considered positive by the index. Norway was ranked as being the most credit worthy country index.
See which ten countries are most likely to default here: