![](data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)
Using market pricing, Fathom’s indicators track investors’ perceptions of the risk of sovereigns defaulting or leaving the euro. Fathom has also constructed measures of the conditional probabilities (e.g., how likely one country is to default if another already has).