Fathom’s Sovereign Fragility Index (SFI) gauges sovereign risk based on fundamental economic drivers of sovereign yield spreads. Besides government debt, this includes domestic bank assets, for which the government may ultimately become liable in the event of a banking crisis. It does not consider market pricing, and therefore provides an independent assessment of what government yield spreads ought to be, irrespective of the market’s perception of sovereign risk. We have recently updated the Index for 2018 Q4:  the biggest movers were Argentina and Turkey. Both their SFI scores shot up, and Argentina again reached the maximum reading of 10. An