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Opportunity to buy Illinois bonds that can never default?
Can't declare bankruptcy isn't the same as "can't default".  Bankruptcy is a specific legal process for discharging or restructuring debts.  If Illinois can't declare bankruptcy, that means it will still owe you the money for the bonds no matter what, but it doesn't guarantee that it will actually pay you what it owes. If Illinois should run out of money to pay what's due on its bonds, then it will default.  Unlike the federal government, Illinois can't print money to make the payments.