In Q1 this year, Romania went down five places in a top of countries with the riskiest debts, to the 21st position, and now fares better than Spain, Italy or Hungary, after the cost of insuring the state debt against the risk of default took a significant plunge, according to data provided by British company CMA, quoted by Mediafax. Romania is also considered less risky than Portugal, Ireland, Iceland, Croatia, Slovenia or the Emirates of Bahrain and Dubai. The first position in the top signifies the highest risk of defaulting in the next 5 years. The cost of insuring Romania’s debts against the risk of default, expressed through credit-default swap (CDS) contracts for 5 years, dropped to 314.2 base points (3.142 percent points) over the first quarter of the year, against approximately 445 base points (4.45 percent points) in Q4 2011. The variation of the quotation implies a decline of the cost of insuring a debt of USD 10 M, maturing in 5 years, from USD 445,000 to USD 314,200. The state’s CDS influences the interests charged by foreign investors for the loans they provide to the government, as well as the cost of foreign financing for companies and banks.The lowest CDS for Romania’s debts was registered in April last year, at 212 base points (2.12 percent points).