Sorry for the goose chase it was actually the book Boomerang by Michael Lewis which goes over the various debt crises of the past decade in Iceland, Ireland, and Greece. It ends with a section talking about the bankruptcy of Vallejo and it talks about the unsustainable pension situation in San Jose. A light, informative, and entertaining read IMO.

The numbers I listed are likely inaccurate and came from my 2+ yr old memory of reading the book.