FXstreet.com (Barcelona) - Merrill Lynch analysts consider France, Spain, Italy, Cyprus, Portugal and Greece (in this order) as six of the ten least resillient economies in the world today, on the absence of growth and high public debt, and very low reserves versus short-term external debt - "an indicator that would become relevant in a tail-risk Eurozone break-up scenario", they wrote.

France is also hurt by the external and fiscal deficit and the net external position of the banking sector, while the UK and New Zealand (also in the lower 10) are weak on their relatively large twin deficits and resulting high domestic and external debt. "Only two EMs are among the least resilient countries: Hungary and Ukraine, similar to the Euro Periphery, suffer from a combination of high FX denominated leverage and stagflation, resulting in weak banks", they added.

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