Improved risk scores by Euromoney Country Risk indicate the worst might be over for the debt-distressed eurozone sovereigns, but caution is the buzzword, as many countries are grappling with huge debt burdens, and with question marks still surrounding Greece.

The rise in global risk witnessed in 2013 continued during the first quarter of this year as experts taking part in Euromoney’s Country Risk Survey reassessed the investment prospects of EMs versus their developed-country counterparts.