Sovereign Credit Risk Analysis - Credit and Finance Risk Analysis

Credit and Finance Risk Analysis - www.credfinrisk.com

Sovereign Credit Risk Analysis

Global Competitiveness Report 2009-10 - World Economic Forum

World Competitiveness Yearbook 2010 Rankings - IMD Business School

Doing Business Guide - World Bank Group

Euro Area Economic and Financial Data - European Central Bank

OECD Country Statistic Profile 2009

International Monetary Fund Country Information

On May 9, 2010, the European Union approved a €750 billion stabilization facility to back up any government debt issuance problems that may be incurred by any of its member nations. The facility has been part of the response to the problems incurred by the Government of Greece regarding the government's ability to refinance maturing debt when it was revealed that the government had provided incorrect information to the EU Commission and the country's annual deficit was actually 14.0% of GDP (monetary union guidelines require that each member country maintain an annual budget deficit of no higher than 3.0% of GDP and a national debt lower than 60.0% of GDP). It is unclear as to whether Greece can reduce public spending, pension obligations, increase tax revenue and improve competitiveness. It is also unclear as to whether the same debt refinancing problem will also be incurred by Portugal, Spain and Ireland. Greece has been effectively shut out of the credit market and must now rely upon a €110 billion loan from the European Union and International Monetary Fund and must improve its finances by 2011 in order to regain investor confidence. The Euro has declined 15.3% from $1.4332 on December 31, 2009 to as low as $1.2144 on May 19, 2010, in response to the crisis, and if the finances of the weakest member countries are not stabilized then the fear is that it would force Greece, Spain and Portugal out of the monetary union.

The World Bank indicates that global GDP contracted by 2.2% in 2009 (the original forecast in March 2009 was 1.7%), the first decline in world output on record. The agency also forecasts that global GDP is expected to grow 2.7% during 2010, and 3.2% in 2011.
go.worldbank.org/RWLJPPA0D0

The EU has publicly indicated that the EU economy contracted by 4.1% during 2009, and GDP growth is forecasted at 0.70% in 2010. The ratio of national debt to GDP has increased to 80.0% (compared to 60.0% in 2007; the low is 66% in The Netherlands and the high is 125% in Greece). Government deficit across the EU averages 6.7% of GDP, which is in excess of the 3.0% mandated by EU guidelines.

In February 2009, Moody's Investors Service rated the United States and the United Kingdom Aaa Stable Outlook but further categorized them as part of a "Resilient" group as both nation's "ratings are being tested due to a shock to their growth model and large contingent liabilities" as they "also face considerable challenges to their debt positions as they loosen fiscal policy to fight recession." Standard & Poor's Ratings Services also indicate a continued AAA long-term and A-1+ short-term sovereign credit ratings on the U.S. government. U.S. government debt (Treasury bills, notes, and bonds) have usually been considered the benchmark of safety (risk free rate of return) for sovereign issued financial instruments. However, within the Triple-A category Moody's actually created a superior "Resistant" (to downgrade) category, which consists of Germany, France, Switzerland, Austria, Australia, Canada, Denmark, Finland, Luxembourg, Netherlands, Norway, Sweden, Singapore, and New Zealand. Spain and Ireland were termed as "Vulnerable".

Sovereign Analysis

In some ways, a nation is subject to the same economic and financial forces that affect a corporation:

Interest Rates: if interest rates are high, and people are worried about their jobs, then national consumption spending declines. If interest rates are low then asset values tend to increase as the number of purchasers available to obtain inexpensive financing increases.

When a nation liberalizes its capital markets, and improves property rights and contract enforcement, this tends to attract investment capital from across the border. The investment can lead to increased economic development. However, if investors lose confidence in the host government or economic situation and will not renew loans or start selling assets then it can have the exact opposite effect of increasing interest rates, depreciating the local currency, and driving asset values down (especially if financial institutions or companies borrowed in a foreign currency but either lent money or sell products in the local currency and repayment is in the local currency).

Government Finance:
: A deficit or budget deficit is the gap between a government's revenue and expenses (expenses are greater than revenue) when the government prepares the annual budget projections.; The national debt of a government is the total amount of deficits added together year after year.; Both figures are measured in terms of annual Gross Domestic Product (GDP) as deficit to GDP and debt to GDP.; It is not uncommon for a government to have an annual deficit and a national debt however it is desirable that both are amounts that are considered "acceptable" or "servicable" in terms of GDP.; The government's treasury department must issue debt on a constant basis in order to service the pending deficit and the outstanding debt, which is held by both the citizens and corporations residing / domiciled within the nation and by foreign investors outside the nation.

Currency: if the value of the currency is depreciating then the cost imports become more expensive and outstanding borrowings also become more expensive.

There are three kinds of exchange rates: pegged, floating and fixed. The U.S., Japan and the Euro have floating rates; Hong Kong and Argentina have fixed rates. Under floating rates, monetary policy is set by a central bank and the exchange rate is allowed to float on autopilot. With a fixed-rate regime, a currency board fixes the exchange rate, and monetary policy automatically adjusts. If the current-account deficit shoots up, money supply automatically tightens to cool the economy and move the current account back toward a balance. It works like the old gold standard, only with reserves in U.S. dollars, rather than in gold.

The important point to remember is that both floating- and fixed-rate regimes are free-market mechanisms in which there cannot be conflicts between exchange-rate and monetary policies. That's why balance-of-payments crises don't occur with these systems.

With pegs, the central bank sets both exchange rate and monetary policies. There's no way for market forces to automatically adjust the economy toward equilibrium.

Inevitably, pegged rates result in fundamental contradictions between the exchange rate and the domestic money supply. When the contradictions start to appear, the speculators show up. This was the case with Mexico in 1994, and Thailand and other Southeast Asian countries the late 1990s.

The contradiction in Southeast Asia was this: Their pegged exchange rate policies required high interest rates to defend the pegs; on the other hand, the high interest rates sucked in hot money, which kept their economies booming and their current accounts large. The speculators knew something had to give, and something did.

A country's trade weighted exchange rate is an average of its bilateral rates with its trading partners, weighted by the amount it trades with each of them. The measure captures the effect of currency changes on the competitiveness of a country's exports: the higher the rate, the costlier they are.

European Union Article III-76 mandates that government deficits may not exceed 3% of GDP. If the excessive deficit continues then the EU may impose an order that the offending nation increase taxation or decrease spending. If the offending nation fails to comply then the EU may impose a fine on the nation.

Current Account Deficit: difference between how much a nation saves and how much it invests; (coupled with): measure of a nation's international transactions; when the outflow of international transactions is higher than revenues generated by international transactions, the shortfall is made up through borrowed funds. Includes not only trade but tourism, investments, services, brokerage fees, international phone tolls, and money sent by immigrants back home to another nation. If the money coming into a nation goes into productive investment, then the nation will have the wherewithal to pay back foreign debt. If it is used for consumer goods/lifestyles, the national deficit will continue to increase. In November 2010, the United States Treasury proposed a 4.0% cap on current-account surplus and deficit.

Merchandise Trade Deficit: when the purchase of imports into the country exceed the sale of exports going to other nations.

Economic Factors:: Monetary Reserves; Balance of Trade; GDP Growth; Industry Diversification; Economic Infrastructure; Economic Trends (Output, Demand and Job Creation); Foreign Exchange Creation; Stability of Banking System; Access to Capital Markets; Consumer Prices; Inflation; Economic Growth; Domestic Budget

Political Factors:: Stability of Government (Lehman Brothers / Eurasia Group Stability Index); Political Infrastructure; Legal System; Military; Government Succession; Independence of Monetary Policy; Fiscal Policies; Currency Restrictions; Tariffs, Quotas

Social Factors:: Business Customs; Income Distribution; Religion; Racial issues; Welfare System; Accounting Practices

Economic Indicators:: Exports/Imports: called the coverage ratio, indicator of economy's rate of growth.; Current Account Deficit/Exports: short-term measure of possible balance of payments difficulties.; Total External Debt/Exports: long-term indicator of country's liquidity.; Interest Payments/Exports: indicator of debt burden, reflects carrying costs of the external economy.; International Reserves/Imports: measure of short-term liquidity.; Indistrial-production: an increase indicates that the economy is growing.

United Nations Human Development Index (HDI)

The United Nations Development Program anually publishes the Human Development Report, which includes the Human Development Index (HDI) that examines such factors as a nation's income distribution, standard of living (measured by purchasing power parity, PPP, income), health, education, equality, child mortality and life expectancy. hdr.undp.org/en/reports/global/hdr2009/

The 2009 HDI: 1. Norway; 2. Australia; 3. Iceland; 4. Canada; 5. Ireland; 6. Netherlands; 7. Sweden; 8. France; 9. Switzerland; 10. Japan; 11. Luxembourg; 12. Finland; 13. United States; 14. Austria; 15. Spain; 16. Denmark; 17. Belgium; 18. Italy; 19. Liechtenstein; 20. New Zealand; 21. United Kingdom; 22. Germany; 23. Singapore; 24. Hong Kong, China (SAR); 25. Greece

Regional and Supranational Organizations

These groups exist primarily to coordinate economic policies between nations.

Group of 3 (G3) comprises Japan, European Union and the United States.

Group of 5 (G5) comprises France, Germany, Japan, United Kingdom and the United States.

Group of Seven (G7) comprises the United States, Japan, Germany, France, Italy, Canada and the United Kingdom, and grew out of the 1985 Plaza Accord.

Group of 8 (G8) comprises Canada, France, Germany, Italy, Japan, Russia, United Kingdom and the United States.

Group of Ten (G10) comprises Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, the United Kingdom, and the United States, who work together to coordinate economic, monetary and financial policies. Observers include the Bank for International Settlements (BIS), European Union (EU), International Monetary Fund (IMF), and the Organisation for Economic Co-operation and Development (OECD).

Group of 11 (G11), also known as the Cartegena Group, comprises Argentina, Bolivia, Brazil, Chile, Colombia, Dominican Republic, Ecuador, Mexico, Peru, Uruguay, Venezuela.

Group of 20 (G20), comprises Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom, United States, the European Union and the Bretton Woods Institutions.

Group of 24 (G24), comprises Algeria, Argentina, Brazil, Colombia, Democratic Republic of the Congo, Côte d'Ivoire, Egypt, Ethiopia, Gabon, Ghana, Guatemala, India, Islamic Republic of Iran, Lebanon, Mexico, Nigeria, Pakistan, Peru, Philippines, Serbia and Montenegro*, Sri Lanka, Syrian Arab Republic, Trinidad and Tobago, Venezuela.

Group of 77 (G77), comprises the Islamic State of Afghanistan, Algeria, Angola, Antigua and Barbuda, Argentina, The Bahamas, Bahrain, Bangladesh, Barbados, Belize, Benin, Bhutan, Bolivia, Bosnia and Herzegovina, Botswana, Brazil, Brunei Darussalem, Burkina Faso, Burundi, Cambodia, Cameroon, Cape Verde, Central African Republic, Chad, Chile, China, Colombia, Comoros, Democratic Republic of the Congo, Republic of the Congo, Costa Rica, Côte d'Ivoire, Cuba, Cyprus, Djibouti, Dominica, Dominican Republic, Ecuador, Egypt, El Salvador, Equatorial Guinea, Ethiopia, Fiji, Gabon, The Gambia, Ghana, Grenada, Guatemala, Guinea, Guinea-Bissau, Guyana, Haiti, Honduras, India, Indonesia, Islamic Republic of Iran, Iraq, Jamaica, Jordan, Kenya, Democratic People's Republic of Korea, Republic of Korea, Kuwait, Lao People's Democratic Republic, Lebanon, Lesotho, Liberia, Libya, Madagascar, Malawi, Malaysia, Maldives, Mali, Malta, Marshall Islands, Mauritania, Mauritius, Federated States of Micronesia, Mongolia, Morocco, Mozambique, Myanmar, Namibia, Nepal, Nicaragua, Niger, Nigeria, Oman, Pakistan, Panama, Papua New Guinea, Paraguay, Peru, Philippines, Qatar, Romania, Rwanda, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Samoa, São Tomé and Príncipe, Saudi Arabia, Senegal, Serbia and Montenegro, Seychelles, Sierra Leone, Singapore, Solomon Islands, Somalia, South Africa, Sri Lanka, Sudan, Suriname, Swaziland, Syrian Arab Republic, Tanzania, Thailand, Togo, Tonga, Trinidad and Tobago, Tunisia, Uganda, United Arab Emirates, Uruguay, Vanuatu, Venezuela, Vietnam, Republic of Yemen, Zambia, Zimbabwe; Palestine Liberation Organization (PLO).

The EU expanded to 25 nations on May 1, 2004, adding the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia, Slovenia, Cyprus (greek area) and Malta to Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain, Sweden and the United Kingdom.

The twenty-one Asian Pacific Economic Cooperation (APEC) countries comprises Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Philippines, Russia, Singapore, South Korea, Taiwan, Thailand, United States, and Vietnam.

The ten Association of Southeast Asian Nations (ASEAN) members comprises Brunei, Burma, Cambodia, Indonesia, Laos, Malaysia, Philippines, Singapore, Thailand, and Vietnam.

The NEA3 comprises Hong Kong, South Korea and Taiwan.

The SEA4 comprises Indonesia, Malaysia, the Philippines and Thailand.

The SEA5 comprises Indonesia, Malaysia, the Philippines, Singapore and Thailand.

The Asia 9 comprises Indonesia, Malaysia, the Philippines, Thailand, Singapore, South Korea, Taiwan, China and India.

BRIC: Brazil, Russia, India and China.

The Paris Club are governement lenders (creditors) who have renegotiated / restructured sovereign debt.

The London Club are commercial bank lenders (creditors) who have renegotiated / restructured sovereign debt.

The International Monetaty Fund (IMF) / Fondo Monetario Internacional was designed to manage the balance of payments relationship between nations.

The World bank / Banco Mundial provides development funds.

Sovereign Wealth Funds

A number of nations who have earned substantial foreign currency reserves either through either commodities sales or current-account surpluses through trade operate Soveriegn Wealth Funds. There is concern about the fund making investments in strategic businesses in foreign nations as the fund managers ultimately answer to a foreign government (they are not managed by intermediary asset managers). The concern is over national security such that there may be some sort of political motivation for the investment becuase it may provide a foreign government with the ability to exercise influence over business sectors, activities and decisions that are in the national interest of the fund but not in the national interest of the nation where the asset(s) are domiciled. Secondly, there is the complaint that there is insufficient disclosure from the funds regarding their management, operations and investment guidelines.

Sovereign Wealth Funds:: Australia: Australia Future Fund; Canada: Alberta Heritage Fund, managed by Alberta Investment Management (AIM); China: China Investment Corp. (CIC) chinainvestmentcorp.com/; Kazakhstan: Kazakhstan National Fund; Korea: Korea Investment Corporation (KIC); Kuwait: Kuwait Investment Authority (KIA); Mayaysia: Khazanah Nasional; Norway: Government Pension Fund-Global (Statens pensjonsfond - Utland), managed by Norges Bank Investment Management (NBIM); Qatar: Qatar Investment Authority (QIA); Russia: Stabilization Fund of the Russian Federation; Saudi Arabia: Several funds under the control of the Saudi Arabian Monetary Agency (SAMA); Singapore: Government of Singapore Investment Corporation (GIC); Singapore: Temasek Holdings; Sultanate of Brunei: Brunei Investment Agency (BIA); UAE: Abu Dhabi Investments Authority (ADIA) - In November 2007, the ADIA agreed to invest $7.5 Billion for a 4.9% interest in Citigroup.; UAE: Abu Dhabi Mubadala Development; UAE: Dubai International Capital - owns interests in Sony Corp., European Aeronautic Defence & Space Co. (EADS), Daimler AG and HSBC Holdings Plc.; UAE: Emirates Investment Authority

National pension funds usually invest in local currency assets but are increasingly investing outside of the nation: NPS (South Korea), Superannuation Fund (New Zealand), GPIF (Japan)

Information Resources

Competitive Alternatives, KPMG's Guide to International Business Location www.competitivealternatives.com/

ECB Financial Stability Review www.ecb.int/pub/fsr/html/index.en.html

Sovereign Nation Government / Research Websites

Anguilla

Anguilla - Department of Information Systems & Technology www.gov.ai/it/

Anguilla - Department of Physical Planning www.gov.ai/planning/

Anguilla - Financial Services Commission www.fsc.org.ai/

Anguilla - Governemnt www.gov.ai/

Anguilla - Statistics Department gov.ai/statistics/

Antigua & Barbuda

Antigua & Barbuda - Government www.ab.gov.ag/

Antigua & Barbuda - Government - Laws Online www.laws.gov.ag/acts/

Antigua & Barbuda - Bureau of Standards abbs.gov.ag/

Antigua & Barbuda - Environment Division environmentdivision.info/

Antigua & Barbuda - Ministry of Agriculture, Lands, Housing & the Environment agricultureantiguabarbuda.com/

Antigua & Barbuda - Ministry of Agriculture, Lands, Marine Resources and Agro-Industries - Fisheries Division www.fisheries.gov.ag/

Antigua & Barbuda - Ministry of Education www.education.gov.ag/

Antigua & Barbuda - Ministry of Foreign Affairs www.foreignaffairs.gov.ag/

Antigua & Barbuda - Ministry of Information - Telecommunications Division www.telecom.gov.ag/

Antigua & Barbuda - Port Authority www.port.gov.ag/

Argentina

Argentina - Government Portal / Portal oficial del Gobierno de la República Argentina www.argentina.gov.ar/

Argentina - Cabinet of Ministers / Jefatura de Gabinete de Ministros www.jgm.gov.ar/

Argentina - Central Bank / Banco Central de la República Argentina www.bcra.gov.ar/

Argentina - Chamber of Deputies / Cámara de Diputados www.diputados.gov.ar/

Argentina - Ministry of Agriculture, Cattle and Fish / Ministerio de Agricultura, Ganadería y Pesca www.minagri.gob.ar/

Argentina - Ministry of Defense / Ministerio de Defensa www.mindef.gov.ar/

Argentina - Ministry of Economy and Public Finance / Ministerio de Economía y Finanzas Públicas noticias.mecon.gov.ar/

Argentina - Ministry of Education / Ministerio de Educación www.me.gov.ar/

Argentina - Ministry of External Relations, International Commerce & Worship / Ministerio de Relaciones Exteriores Comercio Internacional y Culto www.cancilleria.gov.ar/

Argentina - Ministry of Health / Ministerio de Salud www.msal.gov.ar/

Argentina - Ministry of Industry & Tourism / Ministerio de Industria y Turismo www.mit.gob.ar/

Argentina - Ministry of Justice & Human Rights / Ministerio de Justicia y Derechos Humanos www.jus.gov.ar/

Argentina - Ministry of Labor, Employment & Social Security / Ministerio de Trabajo, Empleo y Seguridad Social www.trabajo.gob.ar/

Argentina - Ministerio de Planificación Federal, Inversión Pública y Servicios www.minplan.gov.ar/

Argentina - Ministry of Science, Technology and Innovation / Ministerio de Ciencia, Tecnología e Innovación Productiva www.mincyt.gov.ar/

Argentina - Ministry of Social Development / Ministerio de Desarrollo Social www.desarrollosocial.gov.ar/

Argentina - Ministry of the Interior / Ministerio del Interior www.mininterior.gov.ar/

Argentina - President / Presidencia de la Nación www.presidencia.gov.ar/

Argentina - Senate / Senado www.senado.gov.ar/ (Español)

Austria

Austria - Government www.austria.gv.at/

Austria - Austrian Federal Financing Agency / Österreichische Bundesfinanzierungsagentur (ÖBFA) www.oebfa.co.at/

Austria - Austrian Federal President / Österreichische Bundespräsident www.hofburg.at/

Austria - Austrian Financial Market Authority / Finanzmarktaufsicht (FMA) www.fma.gv.at/

Austria - Austrian National Bank / Österreichischen Nationalbank (ÖNB) www.oenb.at/

Austria - Austrian Parliament / Österreichisches Parlament www.parlament.gv.at/

Austria - Austrian Police www.bundespolizei.gv.at/

Austria - Federal Chancellery / Bundeskanzleramt Österreich www.bka.gv.at/

Austria - Federal Ministry of Agriculture, Forestry, Environment and Water Management / Lebensministerium (BMLFUW) www.lebensministerium.at/

Austria - Federal Ministry for Defense / Bundesministerium für Landesverteidigung www.bmlv.gv.at/

Austria - Federal Ministry for Finance / Bundesministerium für Finanzen (BMF) www.bmf.gv.at/

Austria - Federal Ministry for Health / Bundesministerium für Gesundheit www.bmgfj.gv.at/

Austria - Federal ministry for Interior /Bundesministerium für Inneres (BMI) www.bmi.gv.at/

Austria - Federal Ministry for Justice / Bundesministeriums für Justiz www.bmj.gv.at/

Austria - Federal Ministry for Labour, Social Affairs and Consumer Protection / Bundesministerium für Arbeit, Soziales und Konsumentenschutz (BMASK) www.bmsk.gv.at/

Austria - Federal Ministry for Transport, Innovation and Technology / Bundesministerium für Verkehr, Innovation und Technologie (BMVIT) www.bmvit.gv.at/

Austria - Federal Ministry for Science and Research / Bundesministerium für Wissenschaft und Forschung (BMWF) www.bmwf.gv.at/

Austria - Government Debt Committee / Staatsschuldenausschuss www.staatsschuldenausschuss.at/

Austria - Österreichische Kontrollbank AG (OeKB) www.oekb.at/

Austria - Statistik Austria www.statistik.at/

Bahamas

Bahamas - Government www.bahamas.gov.bs/

Bahamas - Bahamas Environment, Science & Technology Commission www.best.bs/

Bahamas - Bahamas Financial Services Board www.bfsb-bahamas.com/

Bahamas - Bahamas Maritime Authority www.bahamasmaritime.com/

Bahamas - Central Bank of the Bahamas www.centralbankbahamas.com/

Bahamas - National Insurance Board of The Bahamas www.nib-bahamas.com/

Bahamas - Office of Registrar of Insurance Companies www.bahamas.gov.bs/oric

Bahamas - Securities Commission of the Bahamas www.scb.gov.bs/

Bahamas - Utilities Regulation & Competition Authority (URCA) www.urcabahamas.bs/

Bahrain / Kingdom of Bahrain

Bahrain - Government http://www.bahrain.bh/ (Arabic / English)

Bahrain - Bahrain Defence Force www.bdf.gov.bh/

Bahrain - Bahrain eVisa System www.evisa.gov.bh/

Bahrain - Central Bank of Bahrain www.cbb.gov.bh/

Bahrain - Constitutional Court www.constitutional-court.org.bh/

Bahrain - Customs Affairs (Ministry of the Interior) www.bahraincustoms.gov.bh/

Bahrain - Deputy Prime Minister Office www.dpmo.gov.bh/

Bahrain - eGovernment Authority www.ega.gov.bh/

Bahrain - Electricity and Water Authority www.mew.gov.bh/

Bahrain - General Directorate of Traffic and Licensing www.traffic.gov.bh/

Bahrain - Ministry of Finance www.mof.gov.bh/

Bahrain - Ministry of Foreign Affairs www.mofa.gov.bh/

Bahrain - Ministry of Health www.moh.gov.bh/

Bahrain - Ministry of Interior www.interior.gov.bh/

Bahrain - Ministry of Justice and Islamic Affairs www.moj.gov.bh/

Bahrain - Ministry of Labour www.mol.gov.bh/

Bahrain - Ministry of Municipalities and Agriculture Affairs websrv.municipality.gov.bh/

Bahrain - Ministry of Social Development www.social.gov.bh/

Bahrain - Ministry of Shura Council and Representative Council Affairs www.msrc.gov.bh/

Bahrain - Ministry of Transportation www.transportation.gov.bh/

Bahrain - Ministry of Works www.works.gov.bh/

Bahrain - National Oil and Gas Authority www.noga.gov.bh/

Bahrain - Survey and Land Registration Bureau www.slrb.gov.bh/

Bahrain - Telecommunications Regulatory Authority www.tra.org.bh/

Barbados

Barbados - Government www.barbados.gov.bb/

Barbados - Barbados Building Standards Authority www.barbados.gov.bb/bsa/

Barbados - Barbados Chamber of Commerce and Industry bdscham.com/

Barbados - Barbados Civil Aviation Department bcad.gov.bb/

Barbados - Barbados Customs & Excise Department customs.gov.bb/

Barbados - Barbados Employers' Confederation www.barbadosemployers.com/cms/

Barbados - Barbados Fire Service www.fireservice.gov.bb/

Barbados - Barbados Investment & Development Corporation (BDIC) www.bidc.com/

Barbados - Barbados Postal Service bps.gov.bb/

Barbados - Barbados Statistical Service barstats.gov.bb/

Barbados - Central Bank of Barbados www.centralbank.org.bb/

Barbados - Coastal Zone Management Unit www.coastal.gov.bb/

Barbados - Corporate Affairs and Intellectual Property Office www.caipo.gov.bb/

Barbados - Department of Emergency Management www.dem.gov.bb/

Barbados - Fair Trading Commission www.ftc.gov.bb/

Barbados - Government Information Service (BGIS) www.gisbarbados.gov.bb/

Barbados - Inland Revenue Department www.barbados.gov.bb/ird/

Barbados - Land Tax Department www.barbados.gov.bb/Landtax/

Barbados - Ministry of Agriculture agriculture.gov.bb/

Barbados - Ministry of Foreign Affairs and Foreign Trade www.foreign.gov.bb/

Barbados - Ministry of Labor labour.caribyte.com/index

Barbados - Ministry of Tourism www.barmot.gov.bb/

Barbados - Ministry of Trade, Industry and Commerce www.commerce.gov.bb/

Barbados - National Conservation Commission www.nccbarbados.gov.bb/

Barbados - National Insurance Scheme www.nis.gov.bb/

Barbados - Barbados Port, Inc. www.barbadosport.com/

Barbados - Productivity Council www.productivitycouncil.org.bb/

Barbados - Sewerage and Solid Waste Project Unit www.solid.gov.bb/

Barbados - Technical and Vocational Education and Training (TVET) www.tvetcouncil.com.bb/

Belgium

Belgium - Government Portal www.belgium.be/

Belgium - Brussels Regional Parliament / Brussels Hoofdstedelijk Parlement / Parlement de la Région de Bruxelles-Capitale www.parlbruparl.irisnet.be/

Belgium - Chamber of Representatives / Belgische Kamer van volksvertegenwoordigers / Chambre des Représentants de Belgique www.dekamer.be/

Belgium - Federal Parliament of Belgium / Federale Parlement van België / Parlement Fédéral da la Belgique www.fed-parl.be/index.html

Belgium - FPS Economy, SMEs, Independent Professions and Energy / FOD Economie, KMO, Middenstand en Energie / SPF Economie, PME, Classes moyennes et Energie economie.fgov.be/

Belgium - FPS Employment, Labour and Social Dialogue / FOD Werkgelegenheid, Arbeid en Sociaal Overleg / SPF Emploi, Travail et Concertation sociale www.meta.fgov.be/

Belgium - FPS Finance / FOD Financien / SPF Finances www.minfin.fgov.be/

Belgium - FPS Foreign Affairs, Foreign Trade and Development Cooperation / SPF Affaires étrangères, Commerce extérieur et Coopération au Développement diplomatie.belgium.be/

Belgium - FPS Justice / FOD Justitie / SPF Justice www.just.fgov.be/

Belgium - Government of the Flemish community / Vlaanderen www.vlaanderen.be/

Belgium - Government of the French community / Communauté française www.cfwb.be/

Belgium - Government of the German community / Regierung der Deutschsprachigen Gemeinschaft www.dglive.be/

Belgium - National Bank of Belgium / Nationale Bank van België / Banque nationale de Belgique www.nbb.be/

Belgium - Parliament of the Flemish community / Vlaams Parlement www.vlaamsparlement.be/

Belgium - Parilament of the French community / Parlement de la Communauté française www.pcf.be/

Belgium - Parliament of the German community / Parlament der Deutschsprachigen Gemeinschaft www.dgparlament.be/

Belgium - Prime Minister / Eerste Minister / Premier Ministre www.premier.fgov.be/

Belgium - Senate of Belgium / De Belgische Senaat / Le Sénat de Belgique www.senate.be/

Belgium - Statistics Belgium statbel.fgov.be/

Belgium - Walloon Parliament / Parlement wallon parlement.wallonie.be/

Belize

Belize - Agricultural Health Authority (BAHA) www.baha.bz/

Belize - Coastal Zone Management Authority & Institute www.coastalzonebelize.org/

Belize - Customs and Excise Department www.customs.gov.bz/

Belize - Department of the Environment www.doe.gov.bz/

Belize - Government www.belize.gov.bz/

Belize - Ministry of Agriculture, Fisheries, Cooperatives www.agriculture.gov.bz/

Belize - Ministry of Foreign Affairs www.mfa.gov.bz/

Belize - Ministry of Natural Resources and the Environment www.mnrei.gov.bz/

Belize - National Emergency Management Organization (NEMO) www.nemo.org.bz/

Belize - National Institute of Culture and History www.nichbelize.org/

Belize - Public Utilities Commission www.puc.bz/

Belize - Statistical Institute www.cso.gov.bz/

Belize - Trade & Investment Development Service (Beltraide) www.belizeinvest.org.bz/

Bermuda

Bermuda - Government www.gov.bm/

Bermuda - Bermuda Monetary Authority www.bma.bm/

Bermuda - Department of Civil Aviation www.dca.gov.bm/

Bermuda - Department of Immigration www.immigration.gov.bm/

Bermuda - Department of Labour & Industrial Relations www.lir.gov.bm/

Bermuda - Department of Telecommunications www.mtec.bm/

Bermuda - HM Customs www.customs.gov.bm/

Bermuda - Land Valuation Department www.landvaluation.bm/

Bermuda - Office of the Auditor General www.oagbermuda.gov.bm/

Bermuda - Ministry of Education www.moe.bm/

Bermuda - Office of the Tax Commissioner www.taxbermuda.gov.bm/

Brazil / República Federativa do Brasil

Brazil - Government / República Federativa do Brasil www.brasil.gov.br/

Brazil - Brazilian Clearing and Depository Corporation / Companhia Brasileira de Liquidação e Custódia (CBLC) www.cblc.com.br/

Brazil - Central Bank of Brazil / Banco Central do Brasil www.bcb.gov.br/

Brazil - Chamber of Deputies / Câmara dos Deputados www2.camara.gov.br/

Brazil - Ministry of Agrarian Development / Ministério do Desenvolvimento Agrária www.mda.gov.br/portal/

Brazil - Ministry of External Relations / Ministério das Relações Exteriores www.mre.gov.br/

Brazil - Ministry of Finance / Ministério da Fazenda www.fazenda.gov.br/

Brazil - Ministry of Justice / Ministério da Justiça www.mj.gov.br/

Brazil - National Treasury / Tesouro Nacional www.tesouro.fazenda.gov.br/

Brazil - Presidency of the Republic / Presidência da República www.presidencia.gov.br/

Brazil - Securities and Exchange Commission of Brazil / Comissão de Valores Mobiliários (CVM) www.cvm.gov.br/

British Virgin Islands - Government www.bvi.gov.vg/

Bulgaria - Government www.government.bg/

Canada

Canada - Government / Gouvernement du Canada www.canada.gc.ca/

Canada - Department of Agriculture and Agri-Food / Ministère des Agriculture et Agroalimentaire www.agr.gc.ca/

Canada - Department of Environment / Ministère de l'Environnement www.ec.gc.ca/

Canada - Department of Finance / Ministère des Finances www.fin.gc.ca/ (Français, English)

Canada - Department of Foreign Affairs and International Trade (DFAIT) / Ministère des Affaires étrangères et Commerce international (MAECI) www.international.gc.ca/

Canada - Department of Justice / Ministère de la Justice canada.justice.gc.ca/

Canada - Department of National Defence (DND) / Ministère de la Défense Nationale (MDN) www.forces.gc.ca/

Canada - Department of Natural Resources / Ministère des Ressources Naturelles www.nrcan-rncan.gc.ca/com/

Canada - Department of Transport / Ministère des Transports www.tc.gc.ca/

Canada - Statistics Canada / Statistique Canada www.statcan.gc.ca/

Cayman islands

Cayman Islands - Government www.gov.ky/

Cayman Islands - Airports Authority www.caymanairports.ky/

Cayman Islands - Chamber of Commerce www.caymanchamber.ky/

Cayman Islands - Customs www.customs.gov.ky/

Cayman Islands - Department of Commerce & Investment www.investcayman.gov.ky/

Cayman Islands - Department of Environment www.doe.ky/

Cayman Islands - Economics and Statistics Office www.eso.ky/

Cayman Islands - Electricity Regulatory Authority (ERA) www.caymanera.com/

Cayman Islands - Financial Services www.caymanfinance.gov.ky/

Cayman Islands - General Registry www.ciregistry.gov.ky/

Cayman Islands - Governor's Office ukincayman.fco.gov.uk/

Cayman Islands - Health Services Authority www.hsa.ky/

Cayman Islands - Immigration www.immigration.gov.ky/

Cayman Islands - Information Commissioner’s Office www.infocomm.ky/

Cayman Islands - Judicial Administration & Portfolio of Legal Affairs www.caymanjudicial-legalinfo.ky/

Cayman Islands - Legislative Assembly www.legislativeassembly.ky/

Cayman Islands - Ministry of Education, Training & Employment www.education.gov.ky/

Cayman Islands - Port Authority of the Cayman Islands www.caymanport.com/

Cayman Islands - Portfolio of Finance & Economics www.pfe.gov.ky/

Cayman Islands - Portfolio of Internal and External Affairs www.pie.gov.ky/

Cayman Islands - Royal Cayman Islands Police Service www.rcips.ky/

Cayman Islands - Tax Information Authority www.tia.gov.ky/

Colombia - Office of the President www.presidencia.gov.c

Cook Islands - Government www.cook-islands.gov.ck/

Costa Rica

Costa Rica - Central Bank of Costa Rica / Banco Central de Costa Rica www.bccr.fi.cr/

Costa Rica - Legislative Assembly / Asamblea Legislativa www.asamblea.go.cr/

Costa Rica - Ministry of Agriculture and Cattle / Ministerio de Agricultura y Ganadería www.mag.go.cr/

Costa Rica - Ministry of Economy, Industry and Commerce / Ministerio de Economía, Industria y Comercio (MEIC) www.meic.go.cr/

Costa Rica - Ministry of External Commerce / Ministerio de Comercio Exterior (COMEX) www.comex.go.cr/

Costa Rica - Ministry of Finance / Ministerio de Hacienda www.hacienda.go.cr/

Costa Rica - Ministry of Foreign Relations / Ministerio de Relaciones Exteriores www.rree.go.cr/

Costa Rica - Ministry of Science & Technology / Ministerio de Ciencia y Tecnología (MICIT) www.micit.go.cr/

Costa Rica - President of the Republic / Presidencia de la República www.casapres.go.cr/

Croatia - Government www.vlada.hr/

Cuba - Government www.cubagob.cu/

Curaçao (Nederlandse Antillen) - Government www.curacao-gov.an/

Cyprus / Republic of Cyprus

Cyprus - Government Portal www.cyprus.gov.cy/

Cyprus - Central Bank of Cyprus www.centralbank.gov.cy/

Cyprus - Cyprus Ports Authority www.cpa.gov.cy/

Cyprus - Department of Merchant Shipping www.mcw.gov.cy/

Cyprus - House of Representatives www.parliament.cy/

Cyprus - Ministry of Agriculture, Natural Resources and Environment www.moa.gov.cy/

Cyprus - Ministry of Commerce, Industry and Tourism www.mcit.gov.cy/

Cyprus - Ministry of Communications and Works www.mcw.gov.cy/

Cyprus - Ministry of Defence www.mod.gov.cy/

Cyprus - Ministry of Education www.moec.gov.cy/

Cyprus - Ministry of Finance www.mof.gov.cy/

Cyprus - Ministry of Foreign Affairs www.mfa.gov.cy/

Cyprus - Ministry of Health www.moh.gov.cy/

Cyprus - Ministry of Interior moi.gov.cy/

Cyprus - Ministry of Justice and Public Order www.mjpo.gov.cy/

Cyprus - Ministry of Labour and Social Insurance www.mlsi.gov.cy/

Cyprus - Presidency of the Republic www.presidency.gov.cy/

Cyprus - Statistical Service of the Republic of Cyprus www.mof.gov.cy/mof/cystat/statistics.nsf/index_en/index_en?OpenDocument

Cyprus - Treasury of the Republic www.treasury.gov.cy/

Czech Republic - Government www.vlada.cz/

Denmark (Danmark)

Denmark - Erhvervs- og Selskabsstyrelsen (Commerce and Companies Agency / DCCA)

Denmark - Finansministeriet (Ministry of Finance) uk.fm.dk/

Denmark - Folketinget (Parliament) www.folketinget.dk/

Denmark - Forbrugerstyrelsen (National Consumer Agency) www.forbrug.dk/

Denmark - Kongehuset (Royal House) www.kongehuset.dk/

Denmark - Meteorologiske Institut www.dmi.dk/

Denmark - Ministry of Foreign Affairs www.um.dk/

Denmark - Ministry of Foreign Affairs (Invest in Denmark) www.investindk.dk/

Denmark - Ministry of Foreign Affairs (Permanent Mission of Denmark to the UN) www.missionfnnewyork.um.dk/

Denmark - Økonomi- og Erhvervsministeriet (Ministry of Economic and Business Affairs) www.em.dk/

Denmark - Skatteministeriet (Ministry of Taxation) www.skm.dk/

Denmark - Statistics www.dst.dk/

Denmark - Statsministeret (Prime Minister's Office) www.stm.dk/

Denmark - Transportministeriet (Ministry of Transportation) www.trm.dk/

Dominican Republic - Office of the President www.presidencia.gov.do

Estonia - Government www.riik.ee/et/

Finland - Council of State www.valtioneuvosto.fi/vn/liston/base.lsp

France

France - Institut national de la statistique et des études économiques (INSEE) www.insee.fr/

France - Ministère de l'Alimentation, de l'Agriculture et de la Pêche www.agreste.agriculture.gouv.fr/

France - Ministère de l'Écologie, de l'Energie, du Développement durable et de la Mer www.developpement-durable.gouv.fr/

France - Office of the President www.elysee.fr/

Gambia - Government www.gambia.gm/

Germany / Deutschland

Germany - Government / Bundesregierung www.bundesregierung.de/

Germany - Federal Agency for Financial Market Stabilisation / Bundesanstalt für Finanzmarktstabilisierung (Sonderfonds Finanzmarktstabilisierung / SoFFin) www.soffin.de/

Germany - Federal Chancellor / Bundeskanzlerin www.bundeskanzlerin.de/

Germany - Federal Council / Bundesrat www.bundesrat.de/

Germany - Federal Diet / Bundestag www.bundestag.de/

Germany - Federal Finance Agency / Bundesrepublik Deutschland - Finanzagentur GmbH www.deutsche-finanzagentur.de/

Germany - Federal Financial Supervisory Authority / Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) www.bafin.de/

Germany - Federal Foreign Office / Auswärtiges Amt www.auswaertiges-amt.de/

Germany - Federal Ministry for Economic Cooperation and Development / Bundesministerium für wirtschaftliche Zusammenarbeit und Entwicklung www.bmz.de/

Germany - Federal Ministry for the Environment, Nature Conservation and Nuclear Safety / Bundesministerium für Umwelt, Naturschutz und Reaktorsicherheit www.bmu.de/

Germany - Federal Ministry of Economics and Technology / Bundesministerium für Wirtschaft und Technologie www.bmwi.de/

Germany - Federal Ministry of Finance / Bundesministerium der Finanzen www.bundesfinanzministerium.de/

Germany - Federal Ministry of Food, Agriculture and Consumer Protection / Bundesministerium für Ernährung, Landwirtschaft und Verbraucherschutz www.bmelv.de/

Germany - Federal Ministry of Health / Bundesministerium für Gesundheit www.bmg.bund.de/

Germany - Federal Ministry of Justice / Bundesministerium der Justiz www.bmj.bund.de/

Germany - Federal Ministry of the Interior / Bundesministerium des Innern www.bmi.bund.de/

Germany - Federal Ministry of Transport, Building and Urban Development / Bundesministerium für Verkehr, Bau und Stadtentwicklung www.bmvbs.de/

Germany - Federal President / Bundespräsident www.bundespraesident.de/

Germany - Federal Statistical Office / Statistisches Bundesamt Deutschland www.destatis.de/

Germany - Federal Tax Office / Bundeszentralamt für Steuern www.bzst.bund.de/

Germany - German Customs Administration / Zoll www.zoll.de/

Germany - German Federal Bank / Deutsche Bundesbank www.bundesbank.de/

Germany - Laws Online / Gesetze im Internet bundesrecht.juris.de/index.html

Germany - CESifo Group / Center for Economic Studies / CES & Ifo Institute for Economic Research www.cesifo-group.de/

Greece - Prime Minister's Office www.primeminister.gr/gr/

Grenada - Government www.gov.gd/

Honduras - National Senate www.congreso.gob.hn/

Hungary - Prime Minister's Office www.meh.hu/

Iceland - Government www.stjr.is/

Ireland - Government www.irlgov.ie/

Ireland - Office of the President www.irlgov.ie/aras/

Italy - Government www.governo.it/

Jamaica

Jamaica - Government www.jamaica.gov.jm/

Jamaica - Administrator General’s Department www.agd.gov.jm/

Jamaica - Airports Authority of Jamaica www.aaj.com.jm/

Jamaica - Bank of Jamaica www.boj.org.jm/

Jamaica - Bureau of Standards 66.132.167.253/

Jamaica - Cabinet Office of the Government www.cabinet.gov.jm/

Jamaica - Central Information Technology Office (CITO) www.cito.gov.jm/

Jamaica - Consumer Affairs Commission www.consumeraffairsjamaica.gov.jm/

Jamaica - Fair Trading Commission www.jftc.com/

Jamaica - Financial Sector Adjustment Company (FINSAC) www.finsac.com/

Jamaica - Financial Services Commission of Jamaica www.fscjamaica.org/

Jamaica - Health Corporation Limited www.hcl.org.jm/

Jamaica - Jamaica Civil Aviation Authority www.jcaa.gov.jm/

Jamaica - Jamaica Customs Department www.jacustoms.gov.jm/

Jamaica - Jamaica Deposit Insurance Corporation (JDIC) www.jdic.org/

Jamaica - Jamaica Trade & Investment www.jamaicatradeandinvest.org/

Jamaica - Laws of Jamaica (Statutes), Ministry of Justice www.moj.gov.jm/law

Jamaica - Ministry of Justice www.moj.gov.jm/

Jamaica - Ministry of Finance and Public Service (MOFPS) www.mof.gov.jm/

Jamaica - Supreme Court of Jamaica www.sc.gov.jm/

Jamaica - Tax Administration Services Department www.jrs.gov.jm/

Latvia - Cabinet of Ministers www.mk.gov.lv/index.php/en

Liechenstein - Principality www.liechtenstein.li/ (Deutsch / English)

Lithuania - Government www.lrv.lt/

Luxembourg - Government www.gouvernement.lu/

Malta - Government www.gov.mt/

Morocco - Prime Minister www.pm.gov.ma/

Netherlands - Government www.overheid.nl/

New Zealand

New Zealand - Government Portal newzealand.govt.nz/

New Zealand - Civil Aviation Authority of New Zealand / Te Mana Rererangi Tumatanui o Aotearoa www.caa.govt.nz/

New Zealand - Customs Service / Te Mana Arai o Aotearoa www.customs.govt.nz/

New Zealand - Department of Building Housing / Te Tari Kaupapa Whare www.dbh.govt.nz/

New Zealand - Department of Conservation / Te Papa Atawhai www.doc.govt.nz/

New Zealand - Department of Internal Affairs / Te Tari Taiwhenua www.dia.govt.nz/

New Zealand - Department of Labour / Te Tari Mahi www.dol.govt.nz/

New Zealand - Department of the Prime Minister Cabinet www.dpmc.govt.nz/

New Zealand - Earthquake Commission www.eqc.govt.nz/

New Zealand - Electricity Commission www.electricitycommission.govt.nz/

New Zealand - Inland Revenue Department / Te Tari Taake www.ird.govt.nz/

New Zealand - Ministry for the Environment / Manatu mo te Taiao www.mfe.govt.nz/

New Zealand - Ministry of Agriculture Forestry / Te Manatu Ahuwhenua, Ngaherehere www.maf.govt.nz/

New Zealand - Ministry of Consumer Affairs www.consumeraffairs.govt.nz/

New Zealand - Ministry of Defence / Manatu Kaupapa Waonga www.defence.govt.nz/

New Zealand - Ministry of Economic Development / Manatu Ohanga www.med.govt.nz/

New Zealand - Ministry of Education / Te Tahuhu o te Matauranga www.minedu.govt.nz/

New Zealand - Ministry of Fisheries / Te Tautiaki i nga tini a Tangaroa www.fish.govt.nz/

New Zealand - Ministry of Foreign Affairs and Trade / Manatu Aorere www.mfat.govt.nz/

New Zealand - Ministry of Health / Manatu Hauora www.moh.govt.nz/

New Zealand - Ministry of Justice / Tahu o te Ture www.justice.govt.nz/

New Zealand - Ministry of Maori Development / Te Puni Kokiri www.tpk.govt.nz/en/

New Zealand - Ministry of Pacific Island Affairs www.mpia.govt.nz/

New Zealand - Ministry of Research, Science, and Technology / Te Manatu Putariao www.morst.govt.nz/

New Zealand - Ministry of Social Development / Te Manatu Whakahiato Ora www.msd.govt.nz/

New Zealand - Ministry of Transport / Te Manatu Waka www.transport.govt.nz/

New Zealand - New Zealand Defence Force / Te Ope Kaatua o Aotearoa www.nzdf.mil.nz/

New Zealand - New Zealand Parliament www.parliament.nz/en-NZ

New Zealand - New Zealand Police Police / Nga Pirihimana o Aotearoa www.police.govt.nz/

New Zealand - New Zealand Transport Agency / Waka Kotahi nzta.govt.nz/

New Zealand - Reserve Bank of New Zealand www.rbnz.govt.nz/

New Zealand - The Treasury / Kaitohutohu Kaupapa Rawa www.treasury.govt.nz/

Nicaragua - Office of the President www.presidencia.gob.ni

Niue - Government www.niuegov.com/

Pakistan - Government www.pak.gov.pk/

Panama - Office of the President www.presidencia.gob.pa/portada2.htm

Peoples Republic of China

The Peoples Republic of China had a $284.1 billion current-account surplus in 2009.

Poland - Government www.kprm.gov.pl/

Portugal - Government www.portugal.gov.pt/

Romania - Government www.gov.ro/

Samoa - Government www.govt.ws/

Singapore

Singapore - Government www.gov.sg/

Singapore - Ministry of Defence www.mindef.gov.sg/

Singapore - Ministry of Education www.moe.gov.sg/

Singapore - Ministry of Finance app.mof.gov.sg/

Singapore - Ministry Of Foreign Affairs www.mfa.gov.sg/

Singapore - Ministry of Health www.moh.gov.sg/

Singapore - Ministry of Home Affairs www.mha.gov.sg/

Singapore - Ministry of Information, Communications and the Arts app.mica.gov.sg/

Singapore - Ministry of Law app2.mlaw.gov.sg/

Singapore - Ministry of Manpower www.mom.gov.sg/

Singapore - Ministry of National Development www.mnd.gov.sg/

Singapore - Ministry of the Environment and Water Resources app.mewr.gov.sg/

Singapore - Ministry of Trade and Industry app.mti.gov.sg/

Singapore - Ministry of Transport app.mot.gov.sg/

Singapore - Prime Minister's Office www.pmo.gov.sg/

Singapore - Supreme Court app.supremecourt.gov.sg/

Slovakia www.government.gov.sk/

Slovenia - Government www.sigov.si/

Spain / España

On May 28, 2010, Fitch Ratings downgraded Spain's long-term foreign and local currency Issuer Default Ratings (IDRs) to AA+ from AAA, and assigned it a “stable” outlook. On April 28, 2010, Standard & Poor's downgraded Spain's long-term sovereign credit rating to AA from AA+. Moody’s Investors Service rating is Aaa.

Spain - Bank of Spain / Banco de España www.bde.es/

Spain - Congress of the Deputies / Congreso dw los Diputados www.congreso.es/

Spain - Ministry of Culture / Ministerio de Cultura www.mcu.es/

Spain - Ministry of Defense / Ministerio de Defensa www.mde.es/

Spain - Ministry of Development / Ministerio de Fomento www.fomento.es/

Spain - Ministry of Economy and Finance / Ministerio de Economía y Hacienda www.meh.es/

Spain - Ministry of Education / Ministerio de Educación www.educacion.es/

Spain - Ministry of Environment and Rural and Marine Affairs / Ministerio de Medio Ambiente y Medio Rural y Marino www.marm.es/

Spain - Ministry of Foreign Affairs and Cooperation / Ministro de Asuntos Exteriores y de Cooperación www.maec.es/

Spain - Ministry of Health and Social Policies / Ministerio de Sanidad y Política Social www.msc.es/

Spain - Ministry of Housing / Ministerio de Vivienda www.mviv.es/es/

Spain - Ministry of Industry, Tourism and Trade / Ministerio de Industria, Turismo y Comercio www.mityc.es/

Spain - Ministry of Justice / Ministerio de Justicia www.mjusticia.es/

Spain - Ministry of Labour and Immigration / Ministro de Trabajo e Inmigración www.tt.mtin.es/

Spain - Ministry of Public Administrations / Ministerio de Política Territorial www.mpt.es/

Spain - Ministry of Science and Innovation / Ministerio de Ciencia e Innovación www.micinn.es/

Spain - Ministry of the Interior / Ministerio del Interior www.mir.es/

Spain - National Statistics Institute / Instituto Nacional de Estadística www.ine.es/

Spain - Presidency of the Government / Presidencia del Gobierno www.la-moncloa.es/

Spain - Royal Household of His Majesty the King of Spain / Casa de Su Majestad el Rey de España www.casareal.es/

Spain - Senate of Spain / Senado de España www.senado.es/

Spain - Tax Agency / Agencia Tributaria www.agenciatributaria.es

St. Kitts & Nevis - Government www.stkittsnevis.net/

St. Lucia - Government www.stlucia.gov.lc/

Sweden

Sweden - Central Bureau of Statistics (Statistiska centralbyrån / SCB) www.scb.se/

Sweden - Government www.regeringen.se/

Sweden - Financial Supervisory Authority (Finansinspektionen / FI) www.fi.se/

Sweden - Ministry of Agriculture www.sweden.gov.se/sb/d/2064

Sweden - Ministry of Culture www.sweden.gov.se/sb/d/8371

Sweden - Ministry of Defense www.sweden.gov.se/sb/d/2060

Sweden - Ministry of Education & Research www.sweden.gov.se/sb/d/2063

Sweden - Ministry of Employment www.sweden.gov.se/sb/d/8281

Sweden - Ministry of Enterprise, Energy and Communications www.sweden.gov.se/sb/d/2067

Sweden - Ministry of Environment www.sweden.gov.se/sb/d/2066

Sweden - Ministry of Finance www.sweden.gov.se/sb/d/2062

Sweden - Ministry of Foreign Affairs www.sweden.gov.se/sb/d/2059

Sweden - Ministry of Health & social Affairs www.sweden.gov.se/sb/d/2061

Sweden - Ministry of Justice www.sweden.gov.se/sb/d/584

Sweden - National Board of Trade (Kommerskollegium) www.kommers.se/

Sweden - National Debt Office (Riksgälden) www.riksgalden.se/

Sweden - National Financial Management Authority (Ekonomistyrningsverket / ESV) www.esv.se/

Sweden - National Institute of Economic Research (Konjunkturinstitutet) www.konj.se/

Sweden - Swedish Consumer Agency (Konsumentverket / KO) www.konsumentverket.se/

Sweden - Swedish Export Credits Guarantee Board (Exportkreditnämnden / EKN) www.ekn.se/

Sweden - Swedish Institute of International Affairs (Utrikespolitiska Institutet / UI) www.ui.se/

Sweden - Swedish Police www.polisen.se/

Sweden - Swedish Tax Agency (Skatteverket) www.skatteverket.se/

Sweden - Swedish Trade Council www.swedishtrade.se/

Trinidad & Tobago www.gov.tt

Turkey - Government www.basbakanlik.gov.tr/

United Arab Emirates (UAE) - Government www.uae.gov.ae/

United Kingdom - Direct Gov www.direct.gov.uk/

U.S. Virgin Islands - Legislature www.senate.gov.vi/

Vanuatu www.vanuatugovernment.gov.vu/

Venezuela

Venezuela - Government www.venezuela.gov.ve

Venezuela - Office of the President www.presidencia.gob.ve/

Venezuela - Tribunal Supremo de Justicia www.tsj.gov.ve/

Venezuela - Ministerio del Poder Popular para Relaciones Interiores y Justicia www.mpprij.gob.ve/

Venezuela - Ministerio del Poder Popular para la Agricultura y Tierras www.mat.gob.ve/

Venezuela - Ministerio del Poder Popular para la Alimentación www.minpal.gob.ve/

Venezuela - Ministerio del Poder Popular para la Ciencia y Tecnología www.mct.gob.ve/

Venezuela - Ministerio del Poder Popular para la Comunicación y la Información www.mci.gob.ve/

Venezuela - Ministerio del Poder Popular para la Cultura www.ministeriodelacultura.gob.ve/

Venezuela - Ministerio del Poder Popular para la Defensa www.mindefensa.gob.ve/

Venezuela - Ministerio del Poder Popular para la Energía y Petróleo www.menpet.gob.ve/

Venezuela - Ministerio del Poder Popular para la Infraestructura www.infraestructura.gob.ve/

Venezuela - Ministerio del Poder Popular para la Salud www.mpps.gob.ve/

Venezuela - Ministerio del Poder Popular para las Finanzas www.mf.gov.ve/

Venezuela - Ministerio del Poder Popular para las Industrias Básicas y Minería www.mibam.gob.ve/

Venezuela - Ministerio del Poder Popular para las Industrias Ligeras y Comercio www.mincomercio.gob.ve/

Venezuela - Ministerio del Poder Popular para las Telecomunicaciones y la Informática suscerte.gob.ve/

Venezuela - Ministerio del Poder Popular para Relaciones Exteriores www.mre.gov.ve/

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Credit & Finance Risk Analysis