Former Los Angeles Mayor Richard Riordan thinks so. Only a massive federal bailout can save some cities, he tells Bloomberg:

“It’s not just L.A., it’s not just California, it’s all over the country, you’re going to see all these entities become totally insolvent,” Riordan said. “I think the federal government has to come in and have a list of what the states have to do to be saved.” … “If a government can’t sell bonds, they might as well close the door,” Riordan said. “If you can’t do that, you’re out of cash, you’re out of business.”

Then recall that Mecklenburg County is sitting on debt it cannot issue because it cannot afford to do so.