"California is to the United States what Greece is to Europe - and not just because of its abundance of sun and sea.
Busted budgets and dysfunctional politics have also made them kindred spirits.
And just as Europe is reluctantly looking at coming to Greece's financial rescue, the day may soon come when California's financial woes become a problem for all Americans.
In some ways, California may prove to be the bigger headache. Were it a country, the state's economy would rank eighth in the world - roughly the size of France and much larger than any of the so-called PIIGS of Europe: Portugal (No. 50), Ireland (No. 56), Italy (No. 11), Greece (No. 34) and Spain (No. 13).
California also makes up a larger relative share of the U.S. economy, at 13 per cent of U.S. gross domestic product. Greece accounts for just 2 per cent of Europe's GDP."
Busted budgets and dysfunctional politics have also made them kindred spirits.
And just as Europe is reluctantly looking at coming to Greece's financial rescue, the day may soon come when California's financial woes become a problem for all Americans.
In some ways, California may prove to be the bigger headache. Were it a country, the state's economy would rank eighth in the world - roughly the size of France and much larger than any of the so-called PIIGS of Europe: Portugal (No. 50), Ireland (No. 56), Italy (No. 11), Greece (No. 34) and Spain (No. 13).
California also makes up a larger relative share of the U.S. economy, at 13 per cent of U.S. gross domestic product. Greece accounts for just 2 per cent of Europe's GDP."
