The great city of Detroit has finally filed for bankruptcy. The city is negotiating almost $20 billion in debt with creditors.
Link: Detroit files for bankruptcy protection
Some revealing information from another article on the same topic:
Link: Once-great Detroit collapses, files for biggest city bankruptcy in U.S. history
Is there any hope for Detroit?
Link: Detroit files for bankruptcy protection
Quote:Quote:
The bankruptcy filing makes Detroit the largest city in U.S. history to do so.
Quote:Quote:
Detroit's would be by far the largest municipal bankruptcy in U.S. history, in terms of the city's population of about 700,000 and the amount of its debts and liabilities, which Orr has said could be as high as $20 billion. Because of the stakes involved, and the impact on residents statewide, as well as 30,000 current and retired city workers and Detroit's ability to stay in business, the case could be precedent setting in the federal judiciary. It could also set an important trajectory for the way troubled cities nationwide settle their financial difficulties.
Some revealing information from another article on the same topic:
Quote:Quote:
Citizens wait an average 58 minutes for police to respond, and just 8.7 per cent of cases are solved. "The city's police cars, fire trucks and ambulances are so old that breakdowns make it impossible to keep up the fleet or properly carry out their roles."
Only one-third of the city's ambulances were in service in the first quarter.
Some 40 per cent of the street lights were dead in the first three months of the year.
"Large swathes of largely abandoned structures," some 78,000, are creating public safety problems.
The city has more than $18-billion in financial obligations, and even if it could raise taxes, the people can't afford to pay them.
Link: Once-great Detroit collapses, files for biggest city bankruptcy in U.S. history
Is there any hope for Detroit?