Bloomberg is reporting that Portugal had to pay 5.793% on average in their latest round of bond sales. Illinois bonds look to be yielding around 5.5%. To give a frame of reference, Portugese bonds are typically compared to 1-year German bonds which are now yielding 1.5%. Illinois bonds might be compared to US Treasury bonds which are yielding 0.3% for 1-year bonds. That means Portugal is paying a 4.3% premium over Germany and Illinois is paying a 5.2% premium over the Federal government.
Next time you want to sneer at the Euros and their ridiculous, bankrupt nanny states, consider our friends in the Land of Lincoln.
Update: A commenter pointed out that those were longer maturity Illinois bonds, so the comparison isn't quite fair.