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Detroit's bankruptcy follows decades of decay

rchuang1654 Wrote: Jul 18, 2013 10:39 PM
What do you expect when between the 1943 and 1967 race riots, former Mayor Coleman Young encouraging whites to leave, and severe financial mismanagement since 1967, all of it has finally resulted in this day coming to pass?

DETROIT (AP) — The city of Detroit, which for years paid its bills with borrowed money, is the largest city in U.S. history to file for bankruptcy protection. Here's a look at how the city spiraled into financial ruin and why it's in so much trouble:

WHAT HAPPENED?

For decades, Detroit paid its bills by borrowing money while struggling to provide the most basic of services for its residents. The city, which was about to default on a good chunk of its $14 billion-plus debt, now will get a second chance in a federal bankruptcy court-led restructuring. Detroit's budget deficit this year alone...

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