California with a population of 37 million,nearly 9 times Ireland's, considers itself in a serious financial crisis,with a deficit of about $21 billion (€14 billion) at state level. This provides some perspective on Ireland's budget deficit of over €20 billion. See State finances: Keynes in reverse | The Economist The California deficit is in addition to its approximate 14% share of the federal deficit of about $700 billion (€470 billion), a share amounting to $98bn (€66bn),or a total of both state and federal deficits of $119bn or €80 billion. The latter would be about €9bn relative to Ireland's population.



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