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| Billions in debt, Detroit tumbles i |
| Billions in debt, Detroit tumbles into insolvency
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| UNITED STATES OF AMERICA
, 19-July-2013
4:22:42 AM |
| Detroit, the cradle of America's automobile industry and once the nation's fourth-most-populous city, filed for bankruptcy Thursday, the largest US city ever to take such a course.
The decision, confirmed by officials after it trickled out in late afternoon news reports, also amounts to the largest municipal bankruptcy filing in US history in terms of debt.
"This is a difficult step, but the only viable option to address a problem that has been six decades in the making," said Gov. Rick Snyder, who authorized the move after a recommendation from the emergency financial manager he had appointed to resolve Detroit's dire financial situation.
Not everyone agrees how much Detroit owes, but Kevyn D. Orr, the emergency manager who was appointed by Snyder to resolve the city's financial problems, has said the debt is likely to be $18 billion and perhaps as much as $20 billion.
For Detroit, the filing comes as a painful reminder of a city's rise and fall.
"It's sad, but you could see the writing on the wall," said Terence Tyson, a city worker who learned of the bankruptcy as he left his job at Detroit's municipal building Thursday evening. Like many there, he seemed to react with muted resignation and uncertainty about what lies ahead, but not surprise. "This has been coming for ages."
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