Stockton is about the size of Iceland.
How is that Iceland gets to be a whole country, while Stockton only gets to be a wee city?
The people who claim to run the place have proven themselves unreliable. I don't know why citizens put up with them. In Iceland, at least they put their rulers on trial. They didn't completely suck up to the criminal banking system. I guess they were just small enough to get away with a little dog and pony show. They still paid, but not as much as they might have.
The bankers here want Stockton to declare bankruptcy. I'm guessing this works in their favor by screwing retirees out of a lot of money and benefits. That's how things usually work. The bankers and politicians play but the people always pay.
Don't expect Stockton to remain the biggest default. This ball is just starting to roll.