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 get paid, retirees lose their pensions and residents endure even deeper cuts in municipal services. If Detroit cannot avert disaster by reducing its debt payments,
Detroit Is Broke: Could Bankruptcy Lie Ahead?
The first report by Detroit’s emergency manager declares that the city is broke and at risk of running completely out of money.