The city owes roughly $14 billion in retiree pension, health benefits and long-term bond debt
Michigan's governor is declaring a state of financial emergency in Detroit. Governor Rick Snyder will appoint an emergency manager to address a 327-million dollar deficit. The city also owes roughly 14-billion dollars in retiree pension, health benefits and long-term bond debt. Snyder's office published a brochure defending state intervention as a way to efficiently reform finances in the cash-strapped city.
