From NYTimes
"A giant plot of land — 139 square miles — with only half the residents it once had, Detroit has watched in recent years as tax revenues have slipped too low to support its costs, its debts have swelled to a stunning $12 billion, and, this spring, its money nearly ran out. Now, after months of wrangling over how and when and whether the State of Michigan should intervene to stem the hemorrhaging finances, officials here said that a historic deal, approved Wednesday, granting the state oversight powers puts Detroit on a path to recovery at last."
"The deal, which creates an advisory board to oversee financial decisions, spared the city from fates that many viewed as far worse: a complete takeover by a state-appointed manager, bankruptcy or default. But Detroit’s problems are far from over, and the new deal by no means assures success."
read more
No comments:
Post a Comment