Friday, 19 July 2013

Detroit goes bankrupt, largest municipal filing in U.S. history

By Michael A. Fletcher

Detroit filed the largest municipal bankruptcy in the nation’s history Thursday afternoon, capping a long decline that left the nation’s automaking capital bleeding residents and revenue, while rendering city services a mess.

The nation’s fourth-largest city in the 1950s with nearly 2 million residents, the city has seen its populaton plummet to 700,000 as residents fled increasing crime and deteriorating sevices, taking their tax dollars with them.

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