Illinois, California?

In our assessment, the issue is lack of effective governance within the euro zone. Governments had an incentive to run reckless policy – either in terms of budget deficits (Greece), out-of-control banks (Ireland) or refusal to create an economic structure that would support growth (Portugal).Simon Johnson

Anybody think Simon has an unconscious denial problem?
Remember, California has been in a state of near bankruptcy in the last two years of the Gubinator. Jerry Brown's budget collapses in a few months unless we get a cut in Medicaid mandates. If equalization by exchange rate means anything, then I would expect the USA and Europe to have the same intensity of problem, but should show up in different manners.