Note the similarities. Both have out-of-control budgets that promise public employees the moon, massive entitlement spending (California is forced by law to pick up its share of medicare/medicaid), have extremely heavy regulation of business, and absurd tax rates that attempt to tax only the rich. So, what's happened? Both Greece and California are out of chips. OPM (Other people's money) only lasts as long as the OP (other people) don't wise up. The OP have wised up.
So, now what. Demonstrations, what else? At Berkeley, these demonstrations have turned into riots. The wealthiest part of the California community (yes, Berkeley students...you don't think that they are any serious number of poor people attending Berkeley do you?) are now demanding that the average taxpayer provide more in taxes to support rich folks! What a great idea! Soak the poor and the middle class, so the affluent can relax, smoke a little dope and attend an occasional class. This sounds like a cause even Nancy Pelosi could relate to.
Not to be outdone, the Greeks are also rioting. How dare the German middle class refuse to let us retire at 58 on full pay with free health care. They should be willing to support us in the style to which we have become accustomed. Where are the rich? Let's get them to pay. They left Greece..that's where they are. They left to avoid the absurd tax system. The California wealthy are fleeing California for similar reasons.
All of these pampered, spoiled, protected ingrates are now turning on their benefactors. Their benefactors, bondholders, have figured out this silly game and are balking. This "reverse Robin Hood" program may be seeing the beginning of its death throes.
Goodbye California...goodbye Greece. Who's next?