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News Link • Economy - Economics USA

Court clears way for rescue pact for Detroit

• Reuters

Michigan's Court of Appeals has cleared the way for a team appointed by the governor to come up with a consent deal to keep afloat Detroit, America's historic "Motor City," which could run out of money in months.

The pressure on Detroit is intense. Monday is the deadline for Governor Rick Snyder's team to recommend what to do to fix the dire financial situation for Michigan's largest city, long synonymous with the U.S.-based auto industry.

Detroit and the state of Michigan have been negotiating to try to stave off the appointment of an emergency manager for the nearly bankrupt city.

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