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Michigan declares financial emergency for Detroit
Posted By -NO AUTHOR- On 03/02/2013 @ 12:59 am In U.S. | No Comments
(Detroit Free Press) Citing runaway deficits and long-term debts Detroit could never repay on its own, Gov. Rick Snyder today pulled the trigger and announced he will appoint an emergency financial manager for the state’s largest city. Snyder said he has a top candidate in mind, and that person would be in charge for 18 months.
The decision means Motown will soon have someone new in charge of restructuring Detroit’s dire financial mess. That restructuring likely will include drastic cuts in public services and a top-down rethinking of the type of government a shrunken city with a dwindling tax base can afford.
In many ways, those questions have been nipping at Detroit for decades, but the issues came to a head over the last 18 months as increasingly dour economic forecasts found a city unable to address fundamental questions about its debt.
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