Detroit Files for Bankruptcy, Facing Debts of $18 BillionSubmitted by zanatta on Thu, 07/18/2013 - 20:37
Detroit, the cradle of America’s automobile industry and once the nation’s fourth-most-populous city, has filed for bankruptcy, an official said Thursday afternoon, the largest American city ever to take such a course.
The decision to turn to the federal courts, which required approval from both the emergency manager assigned to oversee the troubled city and from Gov. Rick Snyder, is also the largest municipal bankruptcy filing in American history in terms of debt.
Keep reading the result of Bernanke's solution here: