{{Detroit has become the largest city in United States history to file for bankruptcy after decades of decline and mismanagement rendered the city insolvent.}}<\/p>\n
Michigan’s governor, Rick Snyder, said on Thursday that there was no other option to tackle the city’s $18.5bn of debts. <\/p>\n
“This is a situation that’s been 60 years in the making in terms of the decline of Detroit. From a financial point of view, let me be blunt, Detroit is broke,” Snyder said in a video on the state’s official website.<\/p>\n
Once the fourth largest city in the US, Detroit’s population has shrunk from 1.8 million in 1950 to 685,000 today – as crime, flight to the suburbs and the decline of the car-making industry ate away at its foundations and finances.<\/p>\n
“The fiscal realities confronting Detroit have been ignored for too long,” Snyder said in a statement accompanying the bankruptcy file.<\/p>\n
“I’m making this tough decision so the people of Detroit will have the basic services they deserve and so we can start to put Detroit on a solid financial footing.<\/p>\n
“The only feasible path to a stable and solid Detroit is to file for bankruptcy protection.”<\/p>\n
However, the filing puts the city on an uncertain course that could mean laying off municipal employees, selling assets and scaling back already threadbare basic services.<\/p>\n
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