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CONCERNS ABOUT THE financial health of sovereigns in Europe have crossed the Atlantic and are spiralling out of control. In the credit default swaps market, the annual cost of insuring $10 million in debt against default for Illinois and California at the end of August was in line with that for Portugal or Ireland. It is not surprising that fear is mounting. This fiscal year, 48 of the 50 US states face budget shortfalls. The total budget shortfall for the states in 2010 will be $192 billion.
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