Gov. Rick Snyder of Michigan Declares Fiscal Emergency in Detroit [View all]
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Source: New York Times
BREAKING NEWS Friday, March 1, 2013 12:24 PM EST
Gov. Rick Snyder of Michigan Declares Fiscal Emergency in Detroit
Gov. Rick Snyder of Michigan announced on Friday that the city of Detroit is so snarled in financial woes that the state must appoint an emergency manager to lead it out of disaster.
“It’s time to say we should stop going downhill,” Mr. Snyder told Detroiters in a town-hall-style meeting that was broadcast live on local television stations across the city.
He later added, “Today is a day to call all hands on deck.”
The state-appointed manager, who could be selected later this month, would ultimately wield powers aimed at swiftly turning around the municipal government’s dire circumstances — powers to cut city spending, change contracts with labor unions, merge or eliminate city departments, urge the sale of city assets and even, if all else failed, to recommend bankruptcy proceedings.
Read more: http://www.nytimes.com/2013/03/02/us/michigan-appoints-emergency-manager-for-detroit.html?emc=na
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