Well, it’s official—as of last Thursday, the city of Detroit is bankrupt.
Detroit is a sad example of a city that was continually running a large budget deficit. But it grew into such a huge amount of government debt that the only way out was to file for bankruptcy and give investors pennies on the dollar.
Read More: http://www.investmentcontrarians.com/debt-crisis/why-detroits-bankruptcy-should-concern-you/2612/
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