Why the World Should Worry About California It faces the same troubles that shook Greece By John Johnson, Newser Staff Posted May 11, 2010 4:40 PM CDT 41 comments Comments A young girl jumps off of a sand berm during sunset in San Diego. (AP Photo/Sandy Huffaker) (Newser) – Greece's financial trouble may have seemed far off before it helped send the stock market into a tizzy. Business Insider says the same kind of mess could easily hit even closer to home, in California. A sampling of its 16 reasons: Even after last year's huge cuts, the state still has a $20 billion budget gap. And that doesn't include "nearly $200 billion in loans and other unstated debt." The state, which has the lowest S&P debt rating of any state, also is home to seven of the nation's most unemployed cities. Like Greece, which was hamstrung by the euro, "California "has no central bank and can't print money to stave off debt." European leaders came together for a bailout, but can you imagine "our fractious Congress" doing the same? The state led the way in home foreclosures in February, with about 70,000. It used to be No. 1 in per-pupil spending. Now it's No. 48. Read the full list here.