More on Coahuila and other states' debt

The department of finance and public credit (SHCP) reports that a whopping 15 out of 32 federal entities have a debt higher than 50 percent of federal transfers. Had these states been independent countries, they'd likely be in defaults or tough negotiations with international financial institutions by now.

Of note: Nuevo León y Chihuahua are the worst sinners, with a debt of 152.5 and 101 percent respectively.
Yet Coahuila, that of soon-to-be PRI president Humberto Moreira Valdés, saw the biggest rise in debt in 2010: A massive 56-percent rise when compared to 2009.

Now... does that mean that the governments are irresponsibly contracting debt, or that federal transfers are simply too low? I'd love for someone to run the figures with regards to earlier transfers.

In any case, here is a great graphic: