Here's the JP Morgan EMBI+ (normally known as 'country risk') for the main locally traded bonds, early 2007 to date:
Ecuador is now at 1162, Argentina 1099, Venezuela 993. And here's the same timescale, but just focused on the "serious bonds" of Brazil, Colombia*, Mexico and Peru
When the USA catches cold, the rest of the world might not sneeze any more. But if the USA goes down with West Nile Virus........*apologies once again for the use of the "U" in Colombia chart indexing; out of my hands I'm afraid.