Really the markets are being too hard on the PIGS, I think, and perhaps they assume a certain implicit guarantee on California from the US federal government?
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| From The Economist (Link) |
Wednesday, November 24, 2010
California May Be Ungovernable, But At Least We're Not PIGS
According to the Economist, while California may be ungovernable, we're still considered less likely to default than Europe's PIGS. There are so many ways we've become like Italy, why not make government solvency one more?
Really the markets are being too hard on the PIGS, I think, and perhaps they assume a certain implicit guarantee on California from the US federal government?
Really the markets are being too hard on the PIGS, I think, and perhaps they assume a certain implicit guarantee on California from the US federal government?
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