By Dian L. Chu, Economic Forecasts & Opinions Illinois made headlines a few weeks ago when it overtook California as the worst credit risk among American states. Now, the fifth most populous state in the U.S. has officially overtaken Iceland in the default risk category as well. (See screenshot below from CMA site today) Iceland, as we know, suffered from one of the largest baking collapse in 2008, essentially went bankrupt, and has been stuck in the “2008–2010 Icelandic financial crisis” ever since. (see CDS chart from CMA) So, for…
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