California is next Greece ?

The cost of protecting the debt against default in the below  table shows few states US are facing a difficult times than the present Euro zone. May be its time for  Arnold Schwarzenegger to make Terminator 5 a Hit and use that money to pay of the debt in US states.

Wiki Definition:

A credit default swap (CDS) is a swap contract in which the protection buyer of the CDS makes a series of payments to the protection seller and, in exchange, receives a payoff if a credit instrument (typically a bond or loan) goes into default.

Example of CDS:

For example, if the CDS spread of Risky Corp is 50 basis points, or 0.5% (1 basis point = 0.01%), then an investor buying $10 million worth of protection from AAA-Bank must pay the bank $50,000 per year

Here is the latest Data from CMA Datavision which tracks
The CMA Sovereign Risk Monitor identifies and ranks the world’s most volatile sovereign debt issuers according to percentage changes in their 5 year CDS.

Monday, 28 June 2010 — 12:30

Highest Default Probabilities

Entity Name	Mid Spread	CPD (%)
Greece	1085.57	67.28
Venezuela	1276.00	57.73
Argentina	964.80	48.00
Pakistan	713.20	38.76
Ukraine	624.70	35.76
Iraq	479.70	29.19
Dubai/Emirate of	480.70	28.78
Illinois/State of	356.70	27.09
California/State of	345.50	26.90
Romania	399.36	25.04

CPD stands for Cumulative Probability of Default

CDS can be checked at this location: cmadatavision.com