"While there are many inputs that are functionally relevant, we look for a couple of warning signs. We move a nation out of the risk free category as soon as they spend more than 10% of their central government revenues on interest alone. We also worry about debt loads that represent more than 5x the revenue of the responsible government. When these and other characteristics are met or exceeded, it can quickly move the country into checkmate."
--http://www.scribd.com/doc/74335711/Hayman-Nov2011
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