Note in the chart on page 128 how Singapore's risk level, although still low next to Indonesia's, has shot upward.

FORBES: Default-risk bookies

Note in the chart on page 61 how Singapore's risk level, although still low compared with Indonesia's, has shot upward.

FORBES: Default-risk bookies

The ground-breaking ceremony was attended by Singapore Prime Minister Lee Hsien Loong, who said the project was "not without risk" but "the right way forward" for higher education in Singapore.

WSJ: Yale-Singapore Venture to Forbid Political Protest

"The trouble in Cyprus is going to cause risk aversion, " said Daniel Martin of Capital Economics in Singapore.

NPR: Asia Stocks Mixed After Cyprus Vote On Bailout

" Singapore-based Bruce Gale of the Political and Economic Risk Consultancy agrees: "There are a number of checks and balances in the Philippine system that might make Estrada not quite the disaster some people predict he will be.

CNN: IS ESTRADA UNSTOPPABLE?

You may think of Singapore as a relatively safe haven, but KMV says the default risk on the debt of publicly traded companies there has shot up -- from a negligible 0.1% almost two years ago to 4.2% now.

FORBES: Default-risk bookies