The cost of a five-year credit-default swap to insure Illinois obligations rose 6 basis points to 308.61 basis points today, or $308,610 to insure $10 million of debt, at 1:10 p.m. in New York, according to CMA DataVision. The gain makes insuring bonds from the fifth-most populous state the most costly among municipal issuers and puts it 66 basis points above Spain. A basis point is 0.01 percentage point.We need reform STAT.
More. Political implications. Michael Barone: Voters in Big States Prefer Skinflint Candidates.
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