Stat of the day: Illinois takes over from California as state most likely to default

By Edward Harrison On Jun 22, 2010

While California has been the poster boy for state budgetary woes, Illinois has moved into the top spot as the US state most likely to default on its debt. To avoid default more cuts are going to be necessary. See recent posts by me and BBH’s Marc Chandler on how this impacts GDP.

Also see the following two articles from last month

They will give you a better sense of why Illinois has moved into pole position.

Edward Harrison 7783 posts 575 comments

Edward Harrison is a senior Editor at Bloomberg. He is also the founder of Credit Writedowns newsletter, a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.