The paper will be a three page double-space report (by one single student) on your evaluation of default risk of a government bond of your choice:
such as Greece, Italy, Spain, Ireland, U.S., or any country that you are interested.
You look up their bond rating and express your agreement/disagreement. You will need to assign a default probability for that country within the next 7 years: from 0% to 100%. You will need to explain and defend your number. The grade will be based on how well you back up your view.