COUNTRY RISK ANALYSIS by John Calverley. Butterworths, London (1985, ix and 169 pp., plus 1 p. Appendix and 7 pp. Index). Hardback £30. This book is primarily of use and interest to those within banks and companies involved in sovereign lending. Had it been written 10 years or so ago, some of the recent debacle of default and rescheduling we have witnessed might never have taken place. The author explains the factors affecting the level of country risk and suggests a standard system for risk assessment. When asking “Why do Country Risk Problems Occur?” he uses six illustrative case studies of sovereign debt problems. This is a good technique but could perhaps have been used more fully as the individual studies are rather brief. Of great utility to those involved in the sharp end of international finance, this book may also be of interest to their lawyers in that it could increase their understanding of the problems faced by their clients and the decision-making tools they could (or should have!) employed.