The classic signs of debt crises—currency crashes, bond yield spreads of 1,000 basis points, and declining foreign exchange reserves—suggest a record number of developing countries are now in trouble.

Already, Lebanon, Sri Lanka, Russia, Suriname and Zambia have defaulted, Belarus is on the brink, and at least 10 other countries are in danger, as rising borrowing costs, inflation and debt fuel fears of economic collapse.

Using 1,000 basis points of bond spreads, analysts estimate $400 billion in debt, the increased cost of borrowing is striking.

Argentina has the largest amount of debt, amounting to more than 150 billion dollars, followed by Ecuador and Egypt with debts ranging between 40 and 45 billion dollars.

Crisis specialists hope that many countries can avoid default, especially if global markets calm down and the International Monetary Fund steps in to help.

Here is a look at some of the countries at risk:

Argentina

The South American country, which holds the world record for sovereign default, is likely to add more debt to its balance sheet.

The Argentine peso is now trading at a discount of nearly 50% on the black market, reserves are down sharply, and bonds are trading at just 20 cents to the dollar, less than half of what they were after the country's 2020 debt restructuring.

The government does not have any large debts to pay off until 2024, but increases after that.

There have been concerns that the powerful Vice President Cristina Fernandez de Kirchner could push for a default on IMF debt.


Ukraine

Investment banks, including Morgan Stanley, have warned that the Russian war on Ukraine will almost certainly have to restructure its debts that exceed $20 billion.

The crisis will be in September, when it is due to repay the $1.2 billion in bonds.

Aid money and reserves mean Kyiv can repay, but with state-owned Naftogaz this week calling for a two-year debt freeze, investors doubt the government will follow suit.

Tunisia

Africa has a group of countries that use the International Monetary Fund, but Tunisia appears to be one of the most vulnerable countries.

With a budget deficit of nearly 10% and one of the highest public sector wage bills in the world, there are concerns that getting support from the International Monetary Fund, or at least sticking to it, may be difficult;

Because of President Kais Saied's efforts to consolidate his grip on power.

And the spread in Tunisian bond yields - which is the demand by investors to buy debt instead of US bonds - to more than 2,800 basis points.

Besides Ukraine and El Salvador, Tunisia ranks among the top three on Morgan Stanley's list of countries in default.

"The agreement with the International Monetary Fund has become inevitable," Central Bank of Tunisia Governor Marouane Abbasi said.


Egypt

Egypt's debt-to-GDP ratio is around 95 percent, and it is experiencing one of the largest foreign exchange outflows this year, estimated at about $11 billion, according to JPMorgan.

FIM Partners Investments estimates that Egypt will have $100 billion in hard currency debt over the next five years, including a massive $3.3 billion in bonds maturing in 2024.

Cairo devalued the pound by 15% and asked the International Monetary Fund for help in March, but the bond yield spreads now exceed 1,200 basis points, while the rate of default swaps - an investor's tool for hedging risk - is set at a 55% chance in defaults.

But Francesc Balsils, head of emerging market debt information at FIM Partners, estimates that nearly half of the debt that Egypt needs to pay by 2027 are to the International Monetary Fund or bilateral debt, mainly to Gulf countries.

"In normal circumstances, Egypt should be able to pay," Balsils said.

Ethiopia

Addis Ababa plans to be one of the first countries to receive debt relief under the G20 Common Framework Program.

Progress in this area has been hampered by the country's ongoing civil war, although at the same time it continues to pay off its only $1 billion international bond.

Pakistan

Pakistan struck a landmark agreement with the International Monetary Fund this week, a timely breakthrough as rising energy import prices pushed the country to the brink of a balance of payments crisis.

Foreign exchange reserves fell to $9.8 billion, which is barely enough for 5 weeks of imports.

The Pakistani rupee plunged to record lows.

The new government needs to cut spending quickly, because it spends 40% of its revenue to pay off debt interest.