The dirty little secret is that these guys, ie the investors are betting we will default. And stand to lose a lot of money if we don’t.A majority of the countries are in Africa and South/Central America. We know about Pakistan, Ukraine and Turkey. But what is the issue with Bahrain? Isn't it a rich oil exporting country? Why does it have a default risk when oil is $100 per barrel? At that price, any monkeyland can be run as an utopia.