"It is quite likely that over a five to 10-year horizon we are going to see more bankruptcies of cities where the unfunded pension liabilities will play a large role."
The Stanford study found that the states of Illinois, Arizona, Ohio and Nevada, and the cities of Chicago, Dallas, Houston and El Paso have the largest pension holes compared with their own revenues.
http://www.ft.com/intl/cms/s/0/c9966bea-fcd8-11e5-b5f5-070dca6d0a0d.html#axzz45WuhYysM