Jump to content

Detroit Declares Bankruptcy.

Recommended Posts

City with highest percentage of individuals least likely to be credit-worthy now has a municipal credit rating to match its population.




In his first national interview since he filed the largest municipal bankruptcy in U.S. history, Detroit's Emergency Manager Kevyn Orr said he could not wait any longer to solve the city's long-term debt problems.


"This is a problem that has been more than 60 years in the making," Orr said on CNBC's "The Kudlow Report" Thursday night. "There's $18 billion of debt total. Even if we took $200 million a year out of a $100 billion budget, which we can't do, it would take 68 years to pay off that debt."


Mr Orr also requested the Detroit Institute of Art provide him with an inventory of its holdings.

It's one of the better museums out there, built up back when the city was entrusted to a 'different sort' of people.

Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Create New...