The Remnant Online

News => Economic Times => Topic started by: Mimi on July 19, 2013, 04:43:55 PM

Title: Detroit Bankrupt
Post by: Mimi on July 19, 2013, 04:43:55 PM

"This is the time to say enough is enough in terms of the downward decline of Detroit. The 700,000 people of Detroit deserve a better answer," said Michigan governor Rick Snyder.

Detroit's negotiating a $340 million deal to get big banks to accept 75 percent of what they're owed.


But other creditors, including municipal bond holders, could end up with pennies on the dollar.

And city workers, owed $9 billion in benefits and pensions, oppose this bankruptcy the most.

Source (http://www.cbsnews.com/8301-18563_162-57594640/detroit-residents-worry-about-their-future-after-city-declares-bankruptcy/)

Title: Re: Detroit Bankrupt
Post by: JimB on July 29, 2013, 02:53:33 PM

I'm not speaking directly about the detroit problem here but as time goes on and more and more of this happens there will be protests such as we've seen in other countries recently. I'm thinking about Greece.