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SIGMA Engine v5.0

Country Risk Comparisons

Side-by-side systemic risk analysis for 231 sovereign pairs. Which country carries more financial risk, banking stress, and debt vulnerability?

231Comparison pairs
22Countries covered
0With critical/collapse regime

CEE

82 pairs

🇷🇴

Romania

accumulation

56
Δ2.1
54

Italy

accumulation

🇮🇹
🇷🇴

Romania

accumulation

56
Δ10.2
46

European Union

stable

🇪🇺
🇷🇴

Romania

accumulation

56
Δ10.9
45

United States

stable

🇺🇸
🇷🇴

Romania

accumulation

56
Δ11.2
45

Germany

stable

🇩🇪
🇷🇴

Romania

accumulation

56
Δ7.3
49

France

accumulation

🇫🇷
🇷🇴

Romania

accumulation

56
Δ5.6
51

Greece

accumulation

🇬🇷
🇷🇴

Romania

accumulation

56
Δ6.9
49

Spain

accumulation

🇪🇸
🇷🇴

Romania

accumulation

56
Δ3.5
53

Hungary

accumulation

🇭🇺
🇷🇴

Romania

accumulation

56
Δ10.7
46

Poland

stable

🇵🇱
🇷🇴

Romania

accumulation

56
Δ10.2
46

Czechia

stable

🇨🇿
🇷🇴

Romania

accumulation

56
Δ9.6
47

Bulgaria

stable

🇧🇬
🇷🇴

Romania

accumulation

56
Δ12.4
44

Austria

stable

🇦🇹
🇷🇴

Romania

accumulation

56
Δ4.5
52

Serbia

accumulation

🇷🇸
🇷🇴

Romania

accumulation

56
Δ8.0
64

Ukraine

accumulation

🇺🇦
🇷🇴

Romania

accumulation

56
Δ3.9
60

Turkey

accumulation

🇹🇷
🇷🇴

Romania

accumulation

56
Δ1.4
55

China

accumulation

🇨🇳
🇷🇴

Romania

accumulation

56
Δ7.0
49

Japan

accumulation

🇯🇵
🇷🇴

Romania

accumulation

56
Δ12.0
44

Netherlands

stable

🇳🇱
🇷🇴

Romania

accumulation

56
Δ9.7
47

Portugal

stable

🇵🇹
🇷🇴

Romania

accumulation

56
Δ17.6
39

Switzerland

stable

🇨🇭
🇷🇴

Romania

accumulation

56
Δ6.0
50

India

accumulation

🇮🇳
🇭🇺

Hungary

accumulation

53
Δ7.2
46

Poland

stable

🇵🇱
🇭🇺

Hungary

accumulation

53
Δ6.7
46

Czechia

stable

🇨🇿
🇭🇺

Hungary

accumulation

53
Δ6.1
47

Bulgaria

stable

🇧🇬
🇭🇺

Hungary

accumulation

53
Δ8.9
44

Austria

stable

🇦🇹
🇭🇺

Hungary

accumulation

53
Δ1.0
52

Serbia

accumulation

🇷🇸
🇭🇺

Hungary

accumulation

53
Δ11.5
64

Ukraine

accumulation

🇺🇦
🇭🇺

Hungary

accumulation

53
Δ7.4
60

Turkey

accumulation

🇹🇷
🇭🇺

Hungary

accumulation

53
Δ2.1
55

China

accumulation

🇨🇳
🇭🇺

Hungary

accumulation

53
Δ3.5
49

Japan

accumulation

🇯🇵
🇭🇺

Hungary

accumulation

53
Δ8.5
44

Netherlands

stable

🇳🇱
🇭🇺

Hungary

accumulation

53
Δ6.2
47

Portugal

stable

🇵🇹
🇭🇺

Hungary

accumulation

53
Δ14.1
39

Switzerland

stable

🇨🇭
🇭🇺

Hungary

accumulation

53
Δ2.5
50

India

accumulation

🇮🇳
🇵🇱

Poland

stable

46
Δ0.5
46

Czechia

stable

🇨🇿
🇵🇱

Poland

stable

46
Δ1.1
47

Bulgaria

stable

🇧🇬
🇵🇱

Poland

stable

46
Δ1.7
44

Austria

stable

🇦🇹
🇵🇱

Poland

stable

46
Δ6.2
52

Serbia

accumulation

🇷🇸
🇵🇱

Poland

stable

46
Δ18.7
64

Ukraine

accumulation

🇺🇦
🇵🇱

Poland

stable

46
Δ14.6
60

Turkey

accumulation

🇹🇷
🇵🇱

Poland

stable

46
Δ9.3
55

China

accumulation

🇨🇳
🇵🇱

Poland

stable

46
Δ3.7
49

Japan

accumulation

🇯🇵
🇵🇱

Poland

stable

46
Δ1.3
44

Netherlands

stable

🇳🇱
🇵🇱

Poland

stable

46
Δ1.0
47

Portugal

stable

🇵🇹
🇵🇱

Poland

stable

46
Δ6.9
39

Switzerland

stable

🇨🇭
🇵🇱

Poland

stable

46
Δ4.7
50

India

accumulation

🇮🇳
🇨🇿

Czechia

stable

46
Δ0.6
47

Bulgaria

stable

🇧🇬
🇨🇿

Czechia

stable

46
Δ2.2
44

Austria

stable

🇦🇹
🇨🇿

Czechia

stable

46
Δ5.7
52

Serbia

accumulation

🇷🇸
🇨🇿

Czechia

stable

46
Δ18.2
64

Ukraine

accumulation

🇺🇦
🇨🇿

Czechia

stable

46
Δ14.1
60

Turkey

accumulation

🇹🇷
🇨🇿

Czechia

stable

46
Δ8.8
55

China

accumulation

🇨🇳
🇨🇿

Czechia

stable

46
Δ3.2
49

Japan

accumulation

🇯🇵
🇨🇿

Czechia

stable

46
Δ1.8
44

Netherlands

stable

🇳🇱
🇨🇿

Czechia

stable

46
Δ0.5
47

Portugal

stable

🇵🇹
🇨🇿

Czechia

stable

46
Δ7.4
39

Switzerland

stable

🇨🇭
🇨🇿

Czechia

stable

46
Δ4.2
50

India

accumulation

🇮🇳
🇧🇬

Bulgaria

stable

47
Δ2.8
44

Austria

stable

🇦🇹
🇧🇬

Bulgaria

stable

47
Δ5.1
52

Serbia

accumulation

🇷🇸
🇧🇬

Bulgaria

stable

47
Δ17.6
64

Ukraine

accumulation

🇺🇦
🇧🇬

Bulgaria

stable

47
Δ13.5
60

Turkey

accumulation

🇹🇷
🇧🇬

Bulgaria

stable

47
Δ8.2
55

China

accumulation

🇨🇳
🇧🇬

Bulgaria

stable

47
Δ2.6
49

Japan

accumulation

🇯🇵
🇧🇬

Bulgaria

stable

47
Δ2.4
44

Netherlands

stable

🇳🇱
🇧🇬

Bulgaria

stable

47
Δ0.1
47

Portugal

stable

🇵🇹
🇧🇬

Bulgaria

stable

47
Δ8.0
39

Switzerland

stable

🇨🇭
🇧🇬

Bulgaria

stable

47
Δ3.6
50

India

accumulation

🇮🇳
🇷🇸

Serbia

accumulation

52
Δ12.5
64

Ukraine

accumulation

🇺🇦
🇷🇸

Serbia

accumulation

52
Δ8.4
60

Turkey

accumulation

🇹🇷
🇷🇸

Serbia

accumulation

52
Δ3.1
55

China

accumulation

🇨🇳
🇷🇸

Serbia

accumulation

52
Δ2.5
49

Japan

accumulation

🇯🇵
🇷🇸

Serbia

accumulation

52
Δ7.5
44

Netherlands

stable

🇳🇱
🇷🇸

Serbia

accumulation

52
Δ5.2
47

Portugal

stable

🇵🇹
🇷🇸

Serbia

accumulation

52
Δ13.1
39

Switzerland

stable

🇨🇭
🇷🇸

Serbia

accumulation

52
Δ1.5
50

India

accumulation

🇮🇳
🇺🇦

Ukraine

accumulation

64
Δ4.1
60

Turkey

accumulation

🇹🇷
🇺🇦

Ukraine

accumulation

64
Δ9.4
55

China

accumulation

🇨🇳
🇺🇦

Ukraine

accumulation

64
Δ15.0
49

Japan

accumulation

🇯🇵
🇺🇦

Ukraine

accumulation

64
Δ20.0
44

Netherlands

stable

🇳🇱
🇺🇦

Ukraine

accumulation

64
Δ17.7
47

Portugal

stable

🇵🇹
🇺🇦

Ukraine

accumulation

64
Δ25.6
39

Switzerland

stable

🇨🇭
🇺🇦

Ukraine

accumulation

64
Δ14.0
50

India

accumulation

🇮🇳

EU

116 pairs

🇮🇹

Italy

accumulation

54
Δ8.1
46

European Union

stable

🇪🇺
🇮🇹

Italy

accumulation

54
Δ8.8
45

United States

stable

🇺🇸
🇮🇹

Italy

accumulation

54
Δ9.1
45

Germany

stable

🇩🇪
🇮🇹

Italy

accumulation

54
Δ5.2
49

France

accumulation

🇫🇷
🇮🇹

Italy

accumulation

54
Δ3.5
51

Greece

accumulation

🇬🇷
🇮🇹

Italy

accumulation

54
Δ4.8
49

Spain

accumulation

🇪🇸
🇮🇹

Italy

accumulation

54
Δ1.4
53

Hungary

accumulation

🇭🇺
🇮🇹

Italy

accumulation

54
Δ8.6
46

Poland

stable

🇵🇱
🇮🇹

Italy

accumulation

54
Δ8.1
46

Czechia

stable

🇨🇿
🇮🇹

Italy

accumulation

54
Δ7.5
47

Bulgaria

stable

🇧🇬
🇮🇹

Italy

accumulation

54
Δ10.3
44

Austria

stable

🇦🇹
🇮🇹

Italy

accumulation

54
Δ2.4
52

Serbia

accumulation

🇷🇸
🇮🇹

Italy

accumulation

54
Δ10.1
64

Ukraine

accumulation

🇺🇦
🇮🇹

Italy

accumulation

54
Δ6.0
60

Turkey

accumulation

🇹🇷
🇮🇹

Italy

accumulation

54
Δ0.7
55

China

accumulation

🇨🇳
🇮🇹

Italy

accumulation

54
Δ4.9
49

Japan

accumulation

🇯🇵
🇮🇹

Italy

accumulation

54
Δ9.9
44

Netherlands

stable

🇳🇱
🇮🇹

Italy

accumulation

54
Δ7.6
47

Portugal

stable

🇵🇹
🇮🇹

Italy

accumulation

54
Δ15.5
39

Switzerland

stable

🇨🇭
🇮🇹

Italy

accumulation

54
Δ3.9
50

India

accumulation

🇮🇳
🇪🇺

European Union

stable

46
Δ0.7
45

United States

stable

🇺🇸
🇪🇺

European Union

stable

46
Δ1.0
45

Germany

stable

🇩🇪
🇪🇺

European Union

stable

46
Δ2.9
49

France

accumulation

🇫🇷
🇪🇺

European Union

stable

46
Δ4.6
51

Greece

accumulation

🇬🇷
🇪🇺

European Union

stable

46
Δ3.3
49

Spain

accumulation

🇪🇸
🇪🇺

European Union

stable

46
Δ6.7
53

Hungary

accumulation

🇭🇺
🇪🇺

European Union

stable

46
Δ0.5
46

Poland

stable

🇵🇱
🇪🇺

European Union

stable

46
Δ0.0
46

Czechia

stable

🇨🇿
🇪🇺

European Union

stable

46
Δ0.6
47

Bulgaria

stable

🇧🇬
🇪🇺

European Union

stable

46
Δ2.2
44

Austria

stable

🇦🇹
🇪🇺

European Union

stable

46
Δ5.7
52

Serbia

accumulation

🇷🇸
🇪🇺

European Union

stable

46
Δ18.2
64

Ukraine

accumulation

🇺🇦
🇪🇺

European Union

stable

46
Δ14.1
60

Turkey

accumulation

🇹🇷
🇪🇺

European Union

stable

46
Δ8.8
55

China

accumulation

🇨🇳
🇪🇺

European Union

stable

46
Δ3.2
49

Japan

accumulation

🇯🇵
🇪🇺

European Union

stable

46
Δ1.8
44

Netherlands

stable

🇳🇱
🇪🇺

European Union

stable

46
Δ0.5
47

Portugal

stable

🇵🇹
🇪🇺

European Union

stable

46
Δ7.4
39

Switzerland

stable

🇨🇭
🇪🇺

European Union

stable

46
Δ4.2
50

India

accumulation

🇮🇳
🇩🇪

Germany

stable

45
Δ3.9
49

France

accumulation

🇫🇷
🇩🇪

Germany

stable

45
Δ5.6
51

Greece

accumulation

🇬🇷
🇩🇪

Germany

stable

45
Δ4.3
49

Spain

accumulation

🇪🇸
🇩🇪

Germany

stable

45
Δ7.7
53

Hungary

accumulation

🇭🇺
🇩🇪

Germany

stable

45
Δ0.5
46

Poland

stable

🇵🇱
🇩🇪

Germany

stable

45
Δ1.0
46

Czechia

stable

🇨🇿
🇩🇪

Germany

stable

45
Δ1.6
47

Bulgaria

stable

🇧🇬
🇩🇪

Germany

stable

45
Δ1.2
44

Austria

stable

🇦🇹
🇩🇪

Germany

stable

45
Δ6.7
52

Serbia

accumulation

🇷🇸
🇩🇪

Germany

stable

45
Δ19.2
64

Ukraine

accumulation

🇺🇦
🇩🇪

Germany

stable

45
Δ15.1
60

Turkey

accumulation

🇹🇷
🇩🇪

Germany

stable

45
Δ9.8
55

China

accumulation

🇨🇳
🇩🇪

Germany

stable

45
Δ4.2
49

Japan

accumulation

🇯🇵
🇩🇪

Germany

stable

45
Δ0.8
44

Netherlands

stable

🇳🇱
🇩🇪

Germany

stable

45
Δ1.5
47

Portugal

stable

🇵🇹
🇩🇪

Germany

stable

45
Δ6.4
39

Switzerland

stable

🇨🇭
🇩🇪

Germany

stable

45
Δ5.2
50

India

accumulation

🇮🇳
🇫🇷

France

accumulation

49
Δ1.7
51

Greece

accumulation

🇬🇷
🇫🇷

France

accumulation

49
Δ0.4
49

Spain

accumulation

🇪🇸
🇫🇷

France

accumulation

49
Δ3.8
53

Hungary

accumulation

🇭🇺
🇫🇷

France

accumulation

49
Δ3.4
46

Poland

stable

🇵🇱
🇫🇷

France

accumulation

49
Δ2.9
46

Czechia

stable

🇨🇿
🇫🇷

France

accumulation

49
Δ2.3
47

Bulgaria

stable

🇧🇬
🇫🇷

France

accumulation

49
Δ5.1
44

Austria

stable

🇦🇹
🇫🇷

France

accumulation

49
Δ2.8
52

Serbia

accumulation

🇷🇸
🇫🇷

France

accumulation

49
Δ15.3
64

Ukraine

accumulation

🇺🇦
🇫🇷

France

accumulation

49
Δ11.2
60

Turkey

accumulation

🇹🇷
🇫🇷

France

accumulation

49
Δ5.9
55

China

accumulation

🇨🇳
🇫🇷

France

accumulation

49
Δ0.3
49

Japan

accumulation

🇯🇵
🇫🇷

France

accumulation

49
Δ4.7
44

Netherlands

stable

🇳🇱
🇫🇷

France

accumulation

49
Δ2.4
47

Portugal

stable

🇵🇹
🇫🇷

France

accumulation

49
Δ10.3
39

Switzerland

stable

🇨🇭
🇫🇷

France

accumulation

49
Δ1.3
50

India

accumulation

🇮🇳
🇬🇷

Greece

accumulation

51
Δ1.3
49

Spain

accumulation

🇪🇸
🇬🇷

Greece

accumulation

51
Δ2.1
53

Hungary

accumulation

🇭🇺
🇬🇷

Greece

accumulation

51
Δ5.1
46

Poland

stable

🇵🇱
🇬🇷

Greece

accumulation

51
Δ4.6
46

Czechia

stable

🇨🇿
🇬🇷

Greece

accumulation

51
Δ4.0
47

Bulgaria

stable

🇧🇬
🇬🇷

Greece

accumulation

51
Δ6.8
44

Austria

stable

🇦🇹
🇬🇷

Greece

accumulation

51
Δ1.1
52

Serbia

accumulation

🇷🇸
🇬🇷

Greece

accumulation

51
Δ13.6
64

Ukraine

accumulation

🇺🇦
🇬🇷

Greece

accumulation

51
Δ9.5
60

Turkey

accumulation

🇹🇷
🇬🇷

Greece

accumulation

51
Δ4.2
55

China

accumulation

🇨🇳
🇬🇷

Greece

accumulation

51
Δ1.4
49

Japan

accumulation

🇯🇵
🇬🇷

Greece

accumulation

51
Δ6.4
44

Netherlands

stable

🇳🇱
🇬🇷

Greece

accumulation

51
Δ4.1
47

Portugal

stable

🇵🇹
🇬🇷

Greece

accumulation

51
Δ12.0
39

Switzerland

stable

🇨🇭
🇬🇷

Greece

accumulation

51
Δ0.4
50

India

accumulation

🇮🇳
🇪🇸

Spain

accumulation

49
Δ3.4
53

Hungary

accumulation

🇭🇺
🇪🇸

Spain

accumulation

49
Δ3.8
46

Poland

stable

🇵🇱
🇪🇸

Spain

accumulation

49
Δ3.3
46

Czechia

stable

🇨🇿
🇪🇸

Spain

accumulation

49
Δ2.7
47

Bulgaria

stable

🇧🇬
🇪🇸

Spain

accumulation

49
Δ5.5
44

Austria

stable

🇦🇹
🇪🇸

Spain

accumulation

49
Δ2.4
52

Serbia

accumulation

🇷🇸
🇪🇸

Spain

accumulation

49
Δ14.9
64

Ukraine

accumulation

🇺🇦
🇪🇸

Spain

accumulation

49
Δ10.8
60

Turkey

accumulation

🇹🇷
🇪🇸

Spain

accumulation

49
Δ5.5
55

China

accumulation

🇨🇳
🇪🇸

Spain

accumulation

49
Δ0.1
49

Japan

accumulation

🇯🇵
🇪🇸

Spain

accumulation

49
Δ5.1
44

Netherlands

stable

🇳🇱
🇪🇸

Spain

accumulation

49
Δ2.8
47

Portugal

stable

🇵🇹
🇪🇸

Spain

accumulation

49
Δ10.7
39

Switzerland

stable

🇨🇭
🇪🇸

Spain

accumulation

49
Δ0.9
50

India

accumulation

🇮🇳
🇦🇹

Austria

stable

44
Δ7.9
52

Serbia

accumulation

🇷🇸
🇦🇹

Austria

stable

44
Δ20.4
64

Ukraine

accumulation

🇺🇦
🇦🇹

Austria

stable

44
Δ16.3
60

Turkey

accumulation

🇹🇷
🇦🇹

Austria

stable

44
Δ11.0
55

China

accumulation

🇨🇳
🇦🇹

Austria

stable

44
Δ5.4
49

Japan

accumulation

🇯🇵
🇦🇹

Austria

stable

44
Δ0.4
44

Netherlands

stable

🇳🇱
🇦🇹

Austria

stable

44
Δ2.7
47

Portugal

stable

🇵🇹
🇦🇹

Austria

stable

44
Δ5.2
39

Switzerland

stable

🇨🇭
🇦🇹

Austria

stable

44
Δ6.4
50

India

accumulation

🇮🇳
🇳🇱

Netherlands

stable

44
Δ2.3
47

Portugal

stable

🇵🇹
🇳🇱

Netherlands

stable

44
Δ5.6
39

Switzerland

stable

🇨🇭
🇳🇱

Netherlands

stable

44
Δ6.0
50

India

accumulation

🇮🇳
🇵🇹

Portugal

stable

47
Δ7.9
39

Switzerland

stable

🇨🇭
🇵🇹

Portugal

stable

47
Δ3.7
50

India

accumulation

🇮🇳
🇨🇭

Switzerland

stable

39
Δ11.6
50

India

accumulation

🇮🇳

US

18 pairs

🇺🇸

United States

stable

45
Δ0.3
45

Germany

stable

🇩🇪
🇺🇸

United States

stable

45
Δ3.6
49

France

accumulation

🇫🇷
🇺🇸

United States

stable

45
Δ5.3
51

Greece

accumulation

🇬🇷
🇺🇸

United States

stable

45
Δ4.0
49

Spain

accumulation

🇪🇸
🇺🇸

United States

stable

45
Δ7.4
53

Hungary

accumulation

🇭🇺
🇺🇸

United States

stable

45
Δ0.2
46

Poland

stable

🇵🇱
🇺🇸

United States

stable

45
Δ0.7
46

Czechia

stable

🇨🇿
🇺🇸

United States

stable

45
Δ1.3
47

Bulgaria

stable

🇧🇬
🇺🇸

United States

stable

45
Δ1.5
44

Austria

stable

🇦🇹
🇺🇸

United States

stable

45
Δ6.4
52

Serbia

accumulation

🇷🇸
🇺🇸

United States

stable

45
Δ18.9
64

Ukraine

accumulation

🇺🇦
🇺🇸

United States

stable

45
Δ14.8
60

Turkey

accumulation

🇹🇷
🇺🇸

United States

stable

45
Δ9.5
55

China

accumulation

🇨🇳
🇺🇸

United States

stable

45
Δ3.9
49

Japan

accumulation

🇯🇵
🇺🇸

United States

stable

45
Δ1.1
44

Netherlands

stable

🇳🇱
🇺🇸

United States

stable

45
Δ1.2
47

Portugal

stable

🇵🇹
🇺🇸

United States

stable

45
Δ6.7
39

Switzerland

stable

🇨🇭
🇺🇸

United States

stable

45
Δ4.9
50

India

accumulation

🇮🇳

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