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Detroit faces fiscal emergency

Posted By -NO AUTHOR- On 02/20/2013 @ 9:41 am In Front Page,Money,Politics,U.S.,WND TV | No Comments

(Reuters) – A state-appointed team of experts unanimously concluded on Tuesday that Detroit faces a fiscal emergency, leaving Governor Rick Snyder with a controversial decision whether to appoint an emergency financial manager to force changes.

Michigan’s treasurer, Andy Dillon, who was part of the six-member review team, said he did not expect the city to be forced into filing for bankruptcy, the most-feared and most radical action that could be taken to impose a new order on Detroit’s troubled finances.

The review team appointed by Snyder said Detroit, which has been hemorrhaging cash amid a declining population and a decimated economy, has not made the financial decisions that will put the city on a path to recovery.

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