Right now, sovereign debt is the main worry many investors have about the health of their own portfolios and those of key financial institutions.

Exposure to any of these countries may be a tail risk threat you or your bank is ignoring, as pressure increases on countries to follow austerity budgets and cut down on debt.

CMA Datavision have compiled a list of the countries most likely to default, with them ranked by CPD, or cumulative probability of default. This rating is separate from a company's CDS, but is closely related, and based on the volatility and price of that product.