5. ITALY - Performing in the Colosseum

The country's external debt per capita is $36,841.

It's national debt is 118.1% of GDP.

Italy's worrying combination of high debt and weak economic growth, coupled with a dysfunctional government, places it firmly on the list of countries which present a relatively high risk of defaulting.

Italy was hit hard by the economic crisis of 2007-2011. The national economy shrank by 6.76% during the whole period, totalizing seven quarters of recession. According to the EU's statistics body Eurostat, Italian public debt stood at 116% of GDP in 2010, ranking as the second biggest debt ratio after Greece.

Between 2000 and 2010 Italy"s average growth, measured by GDP at constant prices, was just 0.25% a year.

The country is targeting to cut the budget deficit from 3.9% this year to 2.2% in 2013 and to balance the budget by 2014.