There are still huge obstacles ahead for the high-risk, tier-5 borrower, but the improvement in Euromoney’s country risk survey has been matched by credit rating upgrades and lower borrowing costs.

Europe’s investor prospects are superficially safer due to economic recovery, but elections in Germany and in Italy, especially, present tail-risks. This is a manifestation of deeper uncertainty urging a fresh approach to risk management.

The prospect of nuclear or conventional warfare is a high-impact, but very low-risk event. It is the reality of the demographic time-bomb which should be giving investors as much pause for thought.

The rating agencies seem overzealous downgrading Chile, as commodity prices have rebounded from their lows and its financing problems are a temporary blip.

There are numerous risks for the government to address as the country prepares to elect a new parliament in September.