Once-great Detroit collapses, files for biggest city bankruptcy in U.S. history
” Detroit, once one of the great power centres of North America, has collapsed, filing for what would be the biggest bankruptcy in U.S. history.
The city’s emergency manager, Kevyn Orr, today asked a court to put the municipality into bankruptcy protection, what is known as a Chapter 9 filing.
The move followed negotiations with creditors, including those asked to take a substantial haircut on their debts.”
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Reblogged this on Brittius.com and commented:
Let’s see how long it takes before the president says the American taxpayers will have to bail out the Motor City. Detroit City Hall did not give a damn about financial responsibility and figured the federal government at some point would step in and rescue them. Have no fear, here comes Obama & Cohorts to the rescue.