The volume of outstanding debt securities of developing countries for 10 years increased to 19 trillion dollars from 5 trillion dollars. As stated by the international rating agency Fitch Ratings, the increased in almost 4 times debt makes emerging markets vulnerable to tightening of financial conditions during the period of interest rates increase in the United States. Fitch experts expect the US Federal Reserve to raise rates at least 6 times by the end of 2019. Fitch considers Ukraine, Turkey and Argentina as the most vulnerable among large emerging markets. The United Arab Emirates, Qatar, Peru and Kazakhstan are also at risk due to their dependence on external debt. The country with an average level of risk experts called China, to the main problems of which attributed the high debt in the economy and the liquidity profiles of medium-sized banks.
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