PC43/opt: As opt pointed out, country risk is not such a clear cut one. To me - obviously somewhat to very subjectively but based upon my own personal experiences and in completely another market field than oil (but then country risk to me is somewhat "systemic") - I would rate the risks for Indonesia and the Philippines much, much higher than for Thailand..... Purely, JIMHO. In fact, I would rate the country risk for Thailand as very low. wasa Great posts here, I do agree.