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The recent rise in global stock market prices has coincided with a big drop in sovereign default risk. Below is a snapshot of current 5-year credit default swap prices for dozens of countries around the world. For each country, we also show how much default risk has fallen from its 2012 highs.

The average country on the list has seen default risk fall by 40% from its high. Default risk for Austria and Portugal has fallen the most at more than 60% for each country. Spanish default risk is now down 45% from its high on July 24th, while Italian default risk is down 44%.

Germany's default risk has fallen the most of the G7 countries at -53.95%. Japan's has fallen by 50%, while French default risk is down 49%. US credit default swaps have fallen the least of the G7 countries at -29.59%, but the US still has the lowest default risk in the G7. Out of all the countries on the list, though, the US is not the least risky. That title goes to Norway, whose 5-year CDS is now trading at just 22.67 basis points.