Tunisia and Egypt are on the brink of a major debt crisis that could affect the troubled North African region. Tunisia is also witnessing a political crisis caused by President Kais Saied's tightening grip on power and cracking down on dissent.
Egypt's public finances are under pressure, despite agreeing a $3 billion bailout program with the IMF in December. Gulf states will have to weigh the cost of an emerging market crisis at a cost of up to 20 percent in the most watched emerging market debt indexes.