Below is a chart and excerpt from today's Early Look written by Macro analyst Ryan Ricci. 

In the Chart of the Day the black bars are how local currencies have performed YoY vs the dollar and the blue bars are the outstanding US Dollar denominated debt as a percent of a country’s GDP.

Some of these numbers are incredible, like Chile having so much dollar denominated debt that it equates to 46% of GDP… or how about Turkey, Argentina, Chile, Saudi Arabia, and Mexico all having a ratio greater than 20%. Or how about Turkey, Argentina, South Africa, South Korea, and Chile all having their currencies down more than 15% vs the dollar YoY.

CHART OF THE DAY: Sovereign Countries With A Short Dollar Position - socv1