Romania is down five spots in the chart of countries with the riskiest sovereign debts in the world, according to a recent report by CMA Vision. The country, now on the 21st place, ranks better than Hungary, Spain, Italy and Ireland. Cyprus leads the pack, with then highest risk of defaulting in the next five years. Portugal and Pakistan come next.

Romania's cumulative probability of default (CPD) was of 20.3 percent in the first quarter of the year, below 27.3 percent in the fourth quarter of 2011.

After the country’s five-year maturity bonds saw their Credit Default Swaps (CDS) up to 4.45 percentage points in the fourth quarter of 2011, they came down to 3.14 percentage points in the first quarter of the year.

Greece, the most risky sovereign credit at the end of last year, has been excluded from the list, “following a default event'. “Greece finally restructures its debt and is no longer in the top 10 risky table,” according to the report.

The full report here.

editor@romania-insider.com

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