Visit me on Seeking Alpha where I publish exclusive articles.

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.

Read more...

No comments:

Post a Comment