It was just a matter of time until the comparisons of Illinois to Greece started flowing like the waters of the Agean. Yesterday I came across this story on CNN/Money entitled “Illinois: Our Very Own Greece.” Luckily, Businessweek says that things aren’t quite that bad.
“The statement that any U.S. state is the next Greece, meaning a near default on their bonds, is not based on fact,” said Judy Wesalo Temel, a principal and director of credit research at Samson, which manages $7 billion. “Comparing the Greek debt crisis to state and local governments is not valid and is distracting from the real concerns about budgets.”
While that’s encouraging, I couldn’t help but notice that the article spends an awfully long time explaining why Illinois is not Greece. So, the message seems to be that, while we are not Greece, we are the state most in need of an explanation why we’re not Greece.