回复：With California debts, it likely will follow the same route.

i dont think CA will default. there are so many options on the table. raising tax, modifying prop 13, selling state owned assets (beaches, parks, buildings, etc), public pension modifying..

Unions are backing off now as we speak. they have seen what happened in the GM bankcruptcy, now they see the pictures of the Greek. in fact, CA teaching unions has already make a lot of comprimises...

Also, CA is still producing. there are a lot of goods and services that CA can provide to the nation and the rest of world...

In the end, fed can help a little as well...