Actually, you could get very good rates, if your savings were in troubled Eastern EU country banks (denominated in Euros, and insured by the FIDC version of said country). Obviously, not as safe as Treasuries, but also much less riskier than say a random 3rd world bank.
Wonder, how are Euro saving account rates in Greece these days..
The term "Third World" was primarily used by the US government during the Cold War to refer to countries which were not aligned with the Soviet Union, nor with the US. It has nothing to do with the state of development a country is in although I am aware of its frequent erroneous use in the sense of "developing country". The "Third World" included countries such as Qatar, which, according to the International Monetary Fund, featured a GDP of $83,841 per capita in 2009 - ranking #1 world wide.
