Eleven countries—Argentina, Greece, Ukraine, Egypt, Cuba, Cyprus, Jamaica, Ecuador, Venezuela, Pakistan and Belize—face a substantial risk of defaulting on debt and declaring bankruptcy, according to Moody’s Investors Service.

Of nations teetering on the edge of bankruptcy, three have debt levels soaring among the world’s highest.

“When a government has a great deal of debt relative to the size of its economy, its credit rating may also be lower. Three of the nations potentially at risk of default had among the world’s highest debt levels, at 120% of GDP or more based on 2014 estimates. According to the International Monetary Fund (IMF), Greece’s debt is projected to hit nearly 175% of GDP by the end of this year, more than that of any other nation in the world except for Japan,” USA Today reported.

Jamaica and Cyprus also claim debts stretching beyond 120 percent GDP.

The newspaper listed some of the reasons for the widespread financial difficulties: “These nations also suffer from vastly different problems. Some nations, such as Ukraine and Egypt, owe their recent downgrades to political conditions” (ibid.).