Why Emerging Markets Have Been So Turbulent

Ukraine had $65.9 billion in debt in 2012, which represents 37.4% of the country’s estimated gross domestic product. Generally, investors use government debt as a percent of GDP to measure the country’s ability to make future payments on its debt, thereby affecting the country’s borrowing costs and government bond yields. With a huge amount of payments coming due—about $13 billion this year and $16 billion before the end of 2015—Ukraine may require a bailout. However, there’s no clarity as to who will rescue Ukraine from a catastrophic default.

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