Dalio Macro Monitor

Sovereign-debt restructuring risk contrasts with stronger fiscal credibility

Sovereign-debt restructuring risk contrasts with stronger fiscal credibility

Senegal’s revised public debt above 110% of GDP, with broader estimates near 130%, highlights refinancing and restructuring risks, while Korea retains stronger external buffers and Portugal has improved risk pricing after its upgrade. New FX-contagion research adds evidence that crisis spillovers can become more dispersed across currencies and capital accounts.

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Updated Sep 11, 2026
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