Executive power?
From Curriculum
Emerging market countries frequently do not offer the degree of transparency, court-tested laws, and clear regulations that developed market countries do. The legal system may be less developed and offer less protection from interference by the executive branch than in developed countries. Also, developing countries have tended to over borrow, which can damage the position of existing debt. If a default of sovereign debt occurs, recovery against sovereign states can be very difficult. Also, little standardization of covenants exists among various emerging market issuers. Sovereign debt also typically lacks an enforceable seniority structure, in contrast to private debt.