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Detroit Declares Bankruptcy.


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

 

http://www.cnbc.com/id/100898169

 

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.

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