The Eurozone

CNBC report that:

'Greece has become the world's riskiest borrower in the fourth quarter of 2010, surpassing Venezuela, while Spain, Portugal and Ireland were riskier than Iraq, according to data compiled by CMA, a provider of data on pricing of Credit Default Swaps (CDS).

The four euro zone countries, dubbed PIGS by economists, have been engulfed in a debt crisis sparked by fears early last year that Greece's bulging public debt means the country will have to restructure or default on its debt at some point.

More than half of the top 10 riskiest positions by CDS prices – that show the cost of insuring against default – traded in the over-the-counter market are from Europe, according to data released by CMA.

In the fourth quarter of last year Greek CDS widened so much that the country topped Venezuela as the world's riskiest sovereign, while Spain's cost of protection rose by 50 percent, pushing the country into the top 10 most risky, CMA said in a statement.'

This really does not look good for the EU/EuroZone; debr crises in Greece, Ireland & Portugal can be handled but not in Italy or Spain.