An interesting breakdown of the ownership distribution of the emerging markets' Government debt via "The Trillion Dollar Question: Who Owns Emerging Market Government Debt" by Serkan Arslanapl and Takahiro Tsuda
Obviously, take a look at Ukraine and Russia. The core difference is that foreign official sector holdings of government debt for Ukraine are well in excess of those for Russia. Foreign non-bank holdings are also larger for Ukraine. Overall, half of Ukraine's Government debt is foreign-held, against around 1/5 for Russia. Last point, private domestic holdings of Government debt of Ukraine are tiny, at around 22-25% against Russia's 75% or so... Ukraine more closely resembles Argentina and Uruguay in this setting...
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