Sovereign risk manager of the year: Australian Office of Financial Management

The sovereign debt crisis in Europe was the big story of last year, but eurozone countries haven’t been the only ones to struggle with their debt burden. Australia had to cope with a soaring budget deficit in 2009 as the global recession hit growth and cut tax revenues, while the government embarked on an aggressive spending package to blunt the impact of the slowdown. Having recorded a succession of budget surpluses over the past decade, the cash deficit hit A$54.8 billion ($54.3 billion) for