“COULD BANKRUPTCY LIE AHEAD?” (under a panoramic view of Detroit and the announcement that “Detroit is broke”)
“The first report by Detroit’s emergency manager declares that the city is broke and at risk of running completely out of money — a financial meltdown that could mean employees don’t receive paychecks, retirees lose their pensions and residents endure even deeper cuts in municipal services. If Detroit cannot avert disaster, the only remaining option appears to be bankruptcy . . .
“Kevyn Orr, emergency manager, described the city’s operations as “dysfunctional and wasteful after years of budgetary restrictions, mismanagement, crippling operational practices, and , in some cases, indifference or corruption.”
(Lansing State Journal, May 14th)