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Regional breakdown - NYU Stern.xls

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					Country             Long-Term Rating                 Total Risk Premium
                                    Adj. Default Spread             Country Risk Premium
Albania                    B1              400                11.00%        6.00%
Angola                     B1              400                11.00%        6.00%
Argentina                  B3              600                14.00%        9.00%
Armenia                   Ba2              275                 9.13%        4.13%
Australia                 Aaa                0                 5.00%        0.00%
Austria [1]               Aaa                0                 5.00%        0.00%
Azerbaijan                Ba1              240                 8.60%        3.60%
Bahamas                    A3              115                 6.73%        1.73%
Bahrain                    A3              115                 6.73%        1.73%
Bangladesh                Ba3              325                 9.88%        4.88%
Barbados                  Baa2             175                 7.63%        2.63%
Belarus                    B1              400                11.00%        6.00%
Belgium [1]               Aa1               25                 5.38%        0.38%
Belize                     B3              600                14.00%        9.00%
Bermuda                   Aa2               50                 5.75%        0.75%
Bolivia                    B1              400                11.00%        6.00%
Bosnia and Herzegovina     B2              500                12.50%        7.50%
Botswana                   A2              100                 6.50%        1.50%
Brazil                    Baa3             200                 8.00%        3.00%
Bulgaria                  Baa3             200                 8.00%        3.00%
Cambodia                   B2              500                12.50%        7.50%
Canada                    Aaa                0                 5.00%        0.00%
Cayman Islands            Aa3               70                 6.05%        1.05%
Chile                     Aa3               70                 6.05%        1.05%
China                     Aa3               70                 6.05%        1.05%
Colombia                  Baa3             200                 8.00%        3.00%
Costa Rica                Baa3             200                 8.00%        3.00%
Croatia                   Baa3             200                 8.00%        3.00%
Cuba                      Caa1             700                15.50%       10.50%
Cyprus [1]                Aa3               70                 6.05%        1.05%
Czech Republic             A1               85                 6.28%        1.28%
Denmark                   Aaa                0                 5.00%        0.00%
Dominican Republic         B1              400                11.00%        6.00%
Ecuador                   Caa3            1000                20.00%       15.00%
Egypt                     Ba1              240                 8.60%        3.60%
El Salvador               WR              1000                20.00%       15.00%
Estonia                    A1               85                 6.28%        1.28%
Fiji Islands               B1              400                11.00%        6.00%
Finland [1]               Aaa                0                 5.00%        0.00%
France [1]                Aaa                0                 5.00%        0.00%
Georgia                   Ba3              325                 9.88%        4.88%
Germany [1]               Aaa                0                 5.00%        0.00%
Greece [1]                Ba1              240                 8.60%        3.60%
Guatemala          Ba1    240    8.60%   3.60%
Honduras            B2    500   12.50%   7.50%
Hong Kong          Aa1     25    5.38%   0.38%
Hungary            Baa3   200    8.00%   3.00%
Iceland            Baa3   200    8.00%   3.00%
India              Ba1    240    8.60%   3.60%
Indonesia          Ba2    275    9.13%   4.13%
Ireland [1]        Baa1   150    7.25%   2.25%
Isle of Man        Aaa      0    5.00%   0.00%
Israel              A1     85    6.28%   1.28%
Italy [1]          Aa2     50    5.75%   0.75%
Jamaica             B3    600   14.00%   9.00%
Japan              Aa2     50    5.75%   0.75%
Jordan             Baa3   200    8.00%   3.00%
Kazakhstan         Baa2   175    7.63%   2.63%
Korea               A1     85    6.28%   1.28%
Kuwait             Aa2     50    5.75%   0.75%
Latvia             Baa3   200    8.00%   3.00%
Lebanon             B1    400   11.00%   6.00%
Lithuania          Baa1   150    7.25%   2.25%
Luxembourg [1]     Aaa      0    5.00%   0.00%
Macao              Aa3     70    6.05%   1.05%
Malaysia            A3    115    6.73%   1.73%
Malta [1]           A1     85    6.28%   1.28%
Mauritius          Baa2   175    7.63%   2.63%
Mexico             Baa1   150    7.25%   2.25%
Moldova             B3    600   14.00%   9.00%
Mongolia            B1    400   11.00%   6.00%
Montenegro         Ba3    325    9.88%   4.88%
Morocco            Ba1    240    8.60%   3.60%
Netherlands [1]    Aaa      0    5.00%   0.00%
New Zealand        Aaa      0    5.00%   0.00%
Nicaragua           B3    600   14.00%   9.00%
Norway             Aaa      0    5.00%   0.00%
Oman                A1     85    6.28%   1.28%
Pakistan            B3    600   14.00%   9.00%
Panama             Baa3   200    8.00%   3.00%
Papua New Guinea    B1    400   11.00%   6.00%
Paraguay            B1    400   11.00%   6.00%
Peru               Baa3   200    8.00%   3.00%
Philippines        Ba3    325    9.88%   4.88%
Poland              A2    100    6.50%   1.50%
Portugal [1]        A1     85    6.28%   1.28%
Qatar              Aa2     50    5.75%   0.75%
Romania                     Baa3   200    8.00%   3.00%
Russia                      Baa1   150    7.25%   2.25%
Saudi Arabia                 Aa3    70    6.05%   1.05%
Singapore                    Aaa     0    5.00%   0.00%
Slovakia                     A1     85    6.28%   1.28%
Slovenia [1]                 Aa2    50    5.75%   0.75%
South Africa                 A3    115    6.73%   1.73%
Spain [1]                    Aa1    25    5.38%   0.38%
Sri Lanka                    B1    400   11.00%   6.00%
St. Vincent & the Grenadines B1    400   11.00%   6.00%
Suriname                     Ba3   325    9.88%   4.88%
Sweden                       Aaa     0    5.00%   0.00%
Switzerland                  Aaa     0    5.00%   0.00%
Taiwan                       Aa3    70    6.05%   1.05%
Thailand                    Baa1   150    7.25%   2.25%
Trinidad and Tobago         Baa1   150    7.25%   2.25%
Tunisia                     Baa2   175    7.63%   2.63%
Turkey                       Ba2   275    9.13%   4.13%
Ukraine                      B2    500   12.50%   7.50%
United Arab Emirates         Aa2    50    5.75%   0.75%
United Kingdom               Aaa     0    5.00%   0.00%
United States of America     Aaa     0    5.00%   0.00%
Region
Eastern Europe & Russia
Africa
Central and South America
Eastern Europe & Russia
Australia & New Zealand
Western Europe
Eastern Europe & Russia
Caribbean
Middle East
Asia
Caribbean
Eastern Europe & Russia
Western Europe
Central and South America
Caribbean
Central and South America
Eastern Europe & Russia
Africa
Central and South America
Eastern Europe & Russia
Asia
North America
Caribbean
Central and South America
Asia
Central and South America
Central and South America
Eastern Europe & Russia
Caribbean
Western Europe
Eastern Europe & Russia
Western Europe
Caribbean
Central and South America
Africa
Central and South America
Eastern Europe & Russia
Asia
Western Europe
Western Europe
Western Europe
Western Europe
Western Europe
Central and South America
Central and South America
Asia
Eastern Europe & Russia
Western Europe
Asia
Asia
Western Europe
Financial Center
Middle East
Western Europe
Caribbean
Asia
Middle East
Eastern Europe & Russia
Asia
Middle East
Eastern Europe & Russia
Middle East
Eastern Europe & Russia
Financial Center
Asia
North America
Western Europe
Africa
Central and South America
Eastern Europe & Russia
Asia
Eastern Europe & Russia
Africa
Western Europe
Australia & New Zealand
Central and South America
Western Europe
Middle East
Asia
Central and South America
Asia
Central and South America
Central and South America
Asia
Eastern Europe & Russia
Western Europe
Middle East
Eastern Europe & Russia
Eastern Europe & Russia
Middle East
Asia
Eastern Europe & Russia
Eastern Europe & Russia
Africa
Western Europe
Asia
Caribbean
Caribbean
Western Europe
Western Europe
Asia
Asia
Caribbean
Africa
Asia
Eastern Europe & Russia
Middle East
Western Europe
North America
                                                                                                          Estimating Country Risk Premiums
To estimate the long term country risk premium, I start with the country rating (from Moody's: www.moodys.com) and estimate the default spread for
that rating (US corporates and country bonds) over the treasury bond rate. This becomes a measure of the added country risk premium for that country.
I add this default spread to the historical risk premium for a mature equity market (estimated from US historical data) to estimate the total risk premium.
In the short term especially, the equity country risk premium is likely to be greater than the country's default spread. You can estimate an adjusted country risk
premium by multiplying the default spread by the relative equity market volatility for that market (Std dev in country equity market/Std dev in country bond)
In this spreadsheet, I have used the global average of equity to bond market volatility of 1.5 to estimate the country equity risk premium.

Enter the current risk premium for a mature equity market
Do you want to adjust the country risk premium for the additional volatility of the equity market?
If no, use the country risk premium from the columns below
If yes, you can adjust the country risk premium for the relative volatility of the equity market below:
Enter the country risk premium from default spread =
Enter the standard deviation in the equity market in the country =
Enter the standard deviation in the long term bond issued by the country =
The adjusted country risk premium for your country is =

Country                                        Region                                Long-Term Rating             Adj. Default Spread
Albania                                        Eastern Europe & Russia                      B1                              400
Angola                                         Africa                                       B1                              400
Argentina                                      Central and South America                    B3                              600
Armenia                                        Eastern Europe & Russia                     Ba2                              275
Australia                                      Australia & New Zealand                     Aaa                                0
Austria [1]                                    Western Europe                              Aaa                                0
Azerbaijan                                     Eastern Europe & Russia                     Ba1                              240
Bahamas                                        Caribbean                                    A3                              115
Bahrain                                        Middle East                                  A3                              115
Bangladesh                                     Asia                                        Ba3                              325
Barbados                                       Caribbean                                   Baa2                             175
Belarus                                        Eastern Europe & Russia                      B1                              400
Belgium [1]                                    Western Europe                              Aa1                               25
Belize                                         Central and South America                    B3                              600
Bermuda                                        Caribbean                                   Aa2                               50
Bolivia                                        Central and South America                    B1                              400
Bosnia and Herzegovina                         Eastern Europe & Russia                      B2                              500
Botswana             Africa                       A2     100
Brazil               Central and South America   Baa3    200
Bulgaria             Eastern Europe & Russia     Baa3    200
Cambodia             Asia                         B2     500
Canada               North America               Aaa       0
Cayman Islands       Caribbean                   Aa3      70
Chile                Central and South America   Aa3      70
China                Asia                        Aa3      70
Colombia             Central and South America   Baa3    200
Costa Rica           Central and South America   Baa3    200
Croatia              Eastern Europe & Russia     Baa3    200
Cuba                 Caribbean                   Caa1    700
Cyprus [1]           Western Europe              Aa3      70
Czech Republic       Eastern Europe & Russia      A1      85
Denmark              Western Europe              Aaa       0
Dominican Republic   Caribbean                    B1     400
Ecuador              Central and South America   Caa3   1000
Egypt                Africa                      Ba1     240
El Salvador          Central and South America   WR     1000
Estonia              Eastern Europe & Russia      A1      85
Fiji Islands         Asia                         B1     400
Finland [1]          Western Europe              Aaa       0
France [1]           Western Europe              Aaa       0
Georgia              Western Europe              Ba3     325
Germany [1]          Western Europe              Aaa       0
Greece [1]           Western Europe              Ba1     240
Guatemala            Central and South America   Ba1     240
Honduras             Central and South America    B2     500
Hong Kong            Asia                        Aa1      25
Hungary              Eastern Europe & Russia     Baa3    200
Iceland              Western Europe              Baa3    200
India             Asia                        Ba1    240
Indonesia         Asia                        Ba2    275
Ireland [1]       Western Europe              Baa1   150
Isle of Man       Financial Center            Aaa      0
Israel            Middle East                  A1     85
Italy [1]         Western Europe              Aa2     50
Jamaica           Caribbean                    B3    600
Japan             Asia                        Aa2     50
Jordan            Middle East                 Baa3   200
Kazakhstan        Eastern Europe & Russia     Baa2   175
Korea             Asia                         A1     85
Kuwait            Middle East                 Aa2     50
Latvia            Eastern Europe & Russia     Baa3   200
Lebanon           Middle East                  B1    400
Lithuania         Eastern Europe & Russia     Baa1   150
Luxembourg [1]    Financial Center            Aaa      0
Macao             Asia                        Aa3     70
Malaysia          Asia                         A3    115
Malta [1]         Western Europe               A1     85
Mauritius         Africa                      Baa2   175
Mexico            Central and South America   Baa1   150
Moldova           Eastern Europe & Russia      B3    600
Mongolia          Asia                         B1    400
Montenegro        Eastern Europe & Russia     Ba3    325
Morocco           Africa                      Ba1    240
Netherlands [1]   Western Europe              Aaa      0
New Zealand       Australia & New Zealand     Aaa      0
Nicaragua         Central and South America    B3    600
Norway            Western Europe              Aaa      0
Oman              Middle East                  A1     85
Pakistan          Asia                         B3    600
Panama                         Central and South America   Baa3   200
Papua New Guinea               Asia                         B1    400
Paraguay                       Central and South America    B1    400
Peru                           Central and South America   Baa3   200
Philippines                    Asia                        Ba3    325
Poland                         Eastern Europe & Russia      A2    100
Portugal [1]                   Western Europe               A1     85
Qatar                          Middle East                 Aa2     50
Romania                        Eastern Europe & Russia     Baa3   200
Russia                         Eastern Europe & Russia     Baa1   150
Saudi Arabia                   Middle East                 Aa3     70
Singapore                      Asia                        Aaa      0
Slovakia                       Eastern Europe & Russia      A1     85
Slovenia [1]                   Eastern Europe & Russia     Aa2     50
South Africa                   Africa                       A3    115
Spain [1]                      Western Europe              Aa1     25
Sri Lanka                      Asia                         B1    400
St. Vincent & the Grenadines   Caribbean                    B1    400
Suriname                       Caribbean                   Ba3    325
Sweden                         Western Europe              Aaa      0
Switzerland                    Western Europe              Aaa      0
Taiwan                         Asia                        Aa3     70
Thailand                       Asia                        Baa1   150
Trinidad and Tobago            Caribbean                   Baa1   150
Tunisia                        Africa                      Baa2   175
Turkey                         Asia                        Ba2    275
Ukraine                        Eastern Europe & Russia      B2    500
United Arab Emirates           Middle East                 Aa2     50
United Kingdom                 Western Europe              Aaa      0
United States of America       North America               Aaa      0
Uruguay                        Central and South America   Ba1    240
Venezuela   Central and South America                B1                  400
Vietnam     Asia                                     B1                  400


                       Rating           Default spread in basis points
                         A1                          85
                         A2                          100
                         A3                          115
                        Aa1                          25
                        Aa2                          50
                        Aa3                          70
                        Aaa                           0
                         B1                          400
                         B2                          500
                         B3                          600
                        Ba1                          240
                        Ba2                          275
                        Ba3                          325
                        Baa1                         150
                        Baa2                         175
                        Baa3                         200
                       Caa1                          700
                       Caa2                          850
                       Caa3                         1000
sk Premiums
he default spread for
mium for that country.
the total risk premium.
mate an adjusted country risk
et/Std dev in country bond)


                           5.00%
                                                   Yes             ! Yes or No


                           5.50%
                            61%         ! Use annualized historical volatility
                            35%         ! Use annualized historical volatility
                           9.59%

              Total Risk Premium    Country Risk Premium to be sorted in ascending order
                                                        Has
                               11.00%       6.00%            Default spread in basis points
                                                          Rating
                               11.00%       6.00%            A1            85
                               14.00%       9.00%            A2           100
                                9.13%       4.13%            A3           115
                                5.00%       0.00%           Aa1            25
                                5.00%       0.00%           Aa2            50
                                8.60%       3.60%           Aa3            70
                                6.73%       1.73%           Aaa             0
                                6.73%       1.73%            B1           400
                                9.88%       4.88%            B2           500
                                7.63%       2.63%            B3           600
                               11.00%       6.00%           Ba1           240
                                5.38%       0.38%           Ba2           275
                               14.00%       9.00%           Ba3           325
                                5.75%       0.75%           Baa1          150
                               11.00%       6.00%           Baa2          175
                               12.50%       7.50%           Baa3          200
 6.50%    1.50%   Caa1   700
 8.00%    3.00%   Caa2   850
 8.00%    3.00%   Caa3   1000
12.50%    7.50%
 5.00%    0.00%
 6.05%    1.05%
 6.05%    1.05%
 6.05%    1.05%
 8.00%    3.00%
 8.00%    3.00%
 8.00%    3.00%
15.50%   10.50%
 6.05%    1.05%
 6.28%    1.28%
 5.00%    0.00%
11.00%    6.00%
20.00%   15.00%
 8.60%    3.60%
20.00%   15.00%
 6.28%    1.28%
11.00%    6.00%
 5.00%    0.00%
 5.00%    0.00%
 9.88%    4.88%
 5.00%    0.00%
 8.60%    3.60%
 8.60%    3.60%
12.50%    7.50%
 5.38%    0.38%
 8.00%    3.00%
 8.00%    3.00%
 8.60%   3.60%
 9.13%   4.13%
 7.25%   2.25%
 5.00%   0.00%
 6.28%   1.28%
 5.75%   0.75%
14.00%   9.00%
 5.75%   0.75%
 8.00%   3.00%
 7.63%   2.63%
 6.28%   1.28%
 5.75%   0.75%
 8.00%   3.00%
11.00%   6.00%
 7.25%   2.25%
 5.00%   0.00%
 6.05%   1.05%
 6.73%   1.73%
 6.28%   1.28%
 7.63%   2.63%
 7.25%   2.25%
14.00%   9.00%
11.00%   6.00%
 9.88%   4.88%
 8.60%   3.60%
 5.00%   0.00%
 5.00%   0.00%
14.00%   9.00%
 5.00%   0.00%
 6.28%   1.28%
14.00%   9.00%
 8.00%   3.00%
11.00%   6.00%
11.00%   6.00%
 8.00%   3.00%
 9.88%   4.88%
 6.50%   1.50%
 6.28%   1.28%
 5.75%   0.75%
 8.00%   3.00%
 7.25%   2.25%
 6.05%   1.05%
 5.00%   0.00%
 6.28%   1.28%
 5.75%   0.75%
 6.73%   1.73%
 5.38%   0.38%
11.00%   6.00%
11.00%   6.00%
 9.88%   4.88%
 5.00%   0.00%
 5.00%   0.00%
 6.05%   1.05%
 7.25%   2.25%
 7.25%   2.25%
 7.63%   2.63%
 9.13%   4.13%
12.50%   7.50%
 5.75%   0.75%
 5.00%   0.00%
 5.00%   0.00%
 8.60%   3.60%
11.00%   6.00%
11.00%   6.00%
                   Foreign     Local Currency
               Currency Rating     Rating
Albania                B1            B1                                                                          GOVERN
Angola                 B1            B1                                                                      IN LOCAL A
Argentina              B3            B3         Local-Currency Government Bond Ratings reflect the government’s capacity and
Armenia                Ba2          Ba2         Foreign-Currency Government Bond Ratings reflect the government’s capacity a
Australia              Aaa          Aaa
Austria [1]            Aaa          Aaa
Azerbaijan             Ba1          Ba1
Bahamas                A3            A3
Bahrain                A3            A3
Bangladesh             Ba3          Ba3
Barbados              Baa3          Baa2
Belarus                B1            B1
Belgium [1]            Aa1          Aa1
Belize                 B3            B3
Bermuda                Aa2          Aa2
Bolivia                B1            B1
Bosnia and Herzegovina B2            B2
Botswana               A2            A2
Brazil                Baa3          Baa3
Bulgaria              Baa3          Baa3
Cambodia               B2            B2
Canada                 Aaa          Aaa
Cayman Islands         Aa3          Aa3
Chile                  Aa3          Aa3
China                  Aa3          Aa3
Colombia               Ba1          Baa3
Costa Rica            Baa3          Baa3
Croatia               Baa3          Baa3
Cuba                  Caa1          Caa1
Cyprus [1]             Aa3          Aa3
Czech Republic         A1            A1
Denmark                Aaa          Aaa
Dominican Republic     B1            B1
Ecuador               Caa3          Caa3
Egypt                  Ba1          Ba1
El Salvador            Ba1          WR
Estonia                A1            A1
Fiji Islands           B1            B1
Finland [1]            Aaa          Aaa
France [1]             Aaa          Aaa
Georgia                Ba3          Ba3
Germany [1]            Aaa          Aaa
Greece [1]             Ba1          Ba1
Guatemala              Ba1          Ba1
Honduras               B2            B2
Hong Kong              Aa1          Aa1
Hungary               Baa3          Baa3
Iceland               Baa3          Baa3
India                 Baa3          Ba1
Indonesia              Ba2          Ba2
Ireland [1]           Baa1          Baa1
Isle of Man            Aaa          Aaa
Israel                 A1            A1
Italy [1]              Aa2          Aa2
Jamaica                B3            B3
Japan                   Aa2    Aa2
Jordan                  Ba2    Baa3
Kazakhstan             Baa2    Baa2
Korea                   A1      A1
Kuwait                  Aa2    Aa2
Latvia                 Baa3    Baa3
Lebanon                  B1     B1
Lithuania              Baa1    Baa1
Luxembourg [1]          Aaa    Aaa
Macao                   Aa3    Aa3
Malaysia                A3      A3
Malta [1]               A1      A1
Mauritius              Baa2    Baa2
Mexico                 Baa1    Baa1
Moldova                  B3     B3
Mongolia                 B1     B1
Montenegro              Ba3    Ba3
Morocco                 Ba1    Ba1
Netherlands [1]         Aaa    Aaa
New Zealand             Aaa    Aaa
Nicaragua                B3     B3
Norway                  Aaa    Aaa
Oman                    A1      A1
Pakistan                 B3     B3
Panama                 Baa3    Baa3
Papua New Guinea         B1     B1
Paraguay                 B1     B1
Peru                   Baa3    Baa3
Philippines             Ba3    Ba3
Poland                  A2      A2
Portugal [1]            A1      A1
Qatar                   Aa2    Aa2
Romania                Baa3    Baa3
Russia                 Baa1    Baa1
Saudi Arabia            Aa3    Aa3
Singapore               Aaa    Aaa
Slovakia                A1      A1
Slovenia [1]            Aa2    Aa2
South Africa            A3      A3
Spain [1]               Aa1    Aa1
Sri Lanka                B1     B1
                         B1
St. Vincent & the Grenadines    B1
Suriname                 B1    Ba3
Sweden                  Aaa    Aaa
Switzerland             Aaa    Aaa
Taiwan                  Aa3    Aa3
Thailand               Baa1    Baa1
Trinidad and Tobago Baa1       Baa1
Tunisia                Baa2    Baa2
Turkey                  Ba2    Ba2
Ukraine                  B2     B2
United Arab Emirates Aa2       Aa2
United Kingdom          Aaa    Aaa
United States of AmericaAaa    Aaa
Uruguay                 Ba1    Ba1
Venezuela                B2     B1
Vietnam                  B1     B1
                                  GOVERNMENT BOND RATINGS
                              IN LOCAL AND FOREIGN CURRENCY
Ratings reflect the government’s capacity and willingness to generate local-currency revenue to repay its local-currency bonds on a timely
d Ratings reflect the government’s capacity and willingness to mobilize foreign exchange to repay its foreign-currency denominated bonds on
Country                  Region
Albania                  Eastern Europe & Russia
Angola                   Africa
Argentina                Central and South America
Armenia                  Eastern Europe & Russia
Australia                Australia & New Zealand
Austria [1]              Western Europe
Azerbaijan               Eastern Europe & Russia
Bahamas                  Caribbean
Bahrain                  Middle East
Bangladesh               Asia
Barbados                 Caribbean
Belarus                  Eastern Europe & Russia
Belgium [1]              Western Europe
Belize                   Central and South America
Bermuda                  Caribbean
Bolivia                  Central and South America
Bosnia and Herzegovina   Eastern Europe & Russia
Botswana                 Africa
Brazil                   Central and South America
Bulgaria                 Eastern Europe & Russia
Cambodia                 Asia
Canada                   North America
Cayman Islands           Caribbean
Chile                    Central and South America
China                    Asia
Colombia                 Central and South America
Costa Rica               Central and South America
Croatia                  Eastern Europe & Russia
Cuba                     Caribbean
Cyprus [1]               Western Europe
Czech Republic           Eastern Europe & Russia
Denmark                  Western Europe
Dominican Republic       Caribbean
Ecuador                  Central and South America
Egypt                    Africa
El Salvador              Central and South America
Estonia                  Eastern Europe & Russia
Fiji Islands             Asia
Finland [1]              Western Europe
France [1]               Western Europe
Germany [1]              Western Europe
Greece [1]               Western Europe
Guatemala                Central and South America
Honduras           Central and South America
Hong Kong          Asia
Hungary            Eastern Europe & Russia
Iceland            Western Europe
India              Asia
Indonesia          Asia
Ireland [1]        Western Europe
Isle of Man        Financial Center
Israel             Middle East
Italy [1]          Western Europe
Jamaica            Caribbean
Japan              Asia
Jordan             Middle East
Kazakhstan         Eastern Europe & Russia
Korea              Asia
Kuwait             Middle East
Latvia             Eastern Europe & Russia
Lebanon            Middle East
Lithuania          Eastern Europe & Russia
Luxembourg [1]     Financial Center
Macao              Asia
Malaysia           Asia
Malta [1]          Western Europe
Mauritius          Africa
Mexico             Central and South America
Moldova            Eastern Europe & Russia
Mongolia           Asia
Montenegro         Eastern Europe & Russia
Morocco            Africa
Netherlands [1]    Western Europe
New Zealand        Australia & New Zealand
Nicaragua          Central and South America
Norway             Western Europe
Oman               Middle East
Pakistan           Asia
Panama             Central and South America
Papua New Guinea   Asia
Paraguay           Central and South America
Peru               Central and South America
Philippines        Asia
Poland             Eastern Europe & Russia
Portugal [1]       Western Europe
Qatar              Middle East
Romania            Eastern Europe & Russia
Russia                   Eastern Europe & Russia
Saudi Arabia             Middle East
Singapore                Asia
Slovakia                 Eastern Europe & Russia
Slovenia [1]             Eastern Europe & Russia
South Africa             Africa
Spain [1]                Western Europe
Sri Lanka                Asia
                         Caribbean
St. Vincent & the Grenadines
Suriname                 Caribbean
Sweden                   Western Europe
Switzerland              Western Europe
Taiwan                   Asia
Thailand                 Asia
Trinidad and Tobago      Caribbean
Tunisia                  Africa
Turkey                   Asia
Turkmenistan             Eastern Europe & Russia
Ukraine                  Eastern Europe & Russia
United Arab Emirates     Middle East
United Kingdom           Western Europe
United States of America North America
Uruguay                  Central and South America
Venezuela                Central and South America
Vietnam                  Asia

				
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