INQUIRER.net: Detroit becomes largest US city to file for bankruptcy

INQUIRER.net Philippine News for Filipinos

Detroit becomes largest US city to file for bankruptcy Jul 19th 2013, 02:54 DETROIT-- Detroit on Thursday became the largest city in US history to file for bankruptcy protection after decades of decline and mismanagement rendered the home of the nation's auto industry insolvent. Once a bustling beacon of industrial might, the city is now a poster child for urban decay. Its landscape littered with abandoned skyscrapers, factories and homes. Crime is rampant, and the city literally cannot afford to keep the lights on -- a whopping 40 percent of streetlights are out. Detroit's bankruptcy is expected to make it harder for municipalities in Michigan and other US states to borrow money by undermining confidence in what used to be among the most trusted bo... Keep on reading: Detroit becomes largest US city to file for bankruptcy Media files: Detroit-Bankruptcy-600x300.jpg (image/jpeg)

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