The deficit is interesting. The scale and difficulty of reining it in maybe seems like a bit of an issue, at least at first glance. Do you think there is a reasonable risk of them losing their IG ratings, maybe not in the next six months, but in the mid term at least?

Understood. Thanks for the view. Tunisia seems like one that, I guess because it’s such a small part of the index, often gets overlooked/is easy to ignore. So always handy to understand different people’s thinking.

Potentially a restructuring? Or reckon I am being overly pessimistic?

The situation in Tunisia seems a little tricky though, to me. Yen maturity next month, big dollar maturity at the start of 2025. There is only so long they can keep repaying out of reserves. And I don’t think there is a huge amount of political will to put the reforms in place to access IMF money.

Word is that there is a game of hot potato going on between the FIG and CEEMEA reporters that will determine who will cover this