Mary Anna (24 Jan 2012)
"Why Isn¹t Illinois A Bigger Story Than Greece?"

As the Greek default (and it is a default no matter what they end up calling it) is finalized this week, the consensus seems to be that failure to reach a deal would cause a global financial apocalypse.

That may be true. And if it is, why aren¹t we more worried about Illinois? It¹s more or less the same size as Greece, its finances are in the same generally catastrophic shape, and its leaders are just as feckless and dishonest. It owes tens of billions of dollars to various investors and stakeholders and will clearly have to stiff many of them at some point. The following article captures the ³failed state² dilemma perfectly:

Dripping with red ink: Will anyone fix Illinois¹ budget mess?