Friday, July 19, 2013

Detroit files for biggest US City Bankruptcy

Detroit has become the largest city in Unites States history to file for bankruptcy after decades of decline and mismanagement rendered the city insolvent. Michigan's governor, Rick Snyder, said on Thursday that there was no other option to tackle the city's $18.5bn of debts. Al Jazeera's Caroline Malone reports.

Detroit has become the largest city in Unites States history to file for bankruptcy after decades of decline and mismanagement rendered the city insolvent.William Black, a professor of Economics and Law at the University of Missouri, talks to Al Jazeera about Detroit filing bankruptcy.