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

| 22 June 2010 15:00

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.

illinois-and-california-default-risk

Also see the following two articles from last month

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

avatar About Edward Harrison

Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty years of business experience. He is also a regular economic and financial commentator on BBC World News, CNBC Television, Business News Network, CBC, Fox Television and RT Television. He speaks six languages, a skill 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.

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1 Comment

  1. avatar chicagomatt says:
    1 July 2010 at 20:43

    glad i moved back to Illinois (sigh)