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Detroit is facing the largest munipical bankruptcy in US history.
Detroit files for bankruptcy, setting off battles with creditors, pensions, unions
http://www.freep.com/article/20130718/NEWS01/307180107/Detroit-files-Chapter-9-bankruptcy-amid-staggering-debts
Billions in Debt, Detroit Tumbles Into Insolvency
http://www.nytimes.com/2013/07/19/us/detroit-files-for-bankruptcy.html
Detroit files for bankruptcy, setting off battles with creditors, pensions, unions
http://www.freep.com/article/20130718/NEWS01/307180107/Detroit-files-Chapter-9-bankruptcy-amid-staggering-debts
Billions in Debt, Detroit Tumbles Into Insolvency
http://www.nytimes.com/2013/07/19/us/detroit-files-for-bankruptcy.html
NYTimes said:Not everyone agrees how much Detroit owes, but Kevyn D. Orr, the emergency manager, has said the debt is likely to be $18 billion and perhaps as much as $20 billion.
. . . .
Detroit expanded at a stunning rate in the first half of the 20th century with the arrival of the automobile industry, and then shrank away in recent decades at a similarly remarkable pace. A city of 1.8 million in 1950, it is now home to 700,000 people, as well as to tens of thousands of abandoned buildings, vacant lots and unlit streets.
. . . .
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