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                       Major US City Files for Bankruptcy

   Detroit, in the U.S. state of Michigan, has become the largest city in
   U.S. history to file for bankruptcy, a move that gives it court
   protection from creditors.
   A fiscal manager hired by the state made the filing Thursday in federal
   bankruptcy court.
   Detroit Mayor Dave Bing said he hopes the move will mark a new
   beginning for the city, which has been struggling with a budget deficit
   of more than $300 million and long-term debt of nearly $14 billion.
   "This is very difficult for all of us but if it`s going to make the
   citizens better off, then this is a new start for us."
   Michigan Governor Rick Snyder still needs to sign off on the decision.
   In March, Snyder hired fiscal manager and bankruptcy expert Kevyn Orr
   to oversee Detroit`s troubled finances, making it the largest U.S. city
   under state supervision.
   Declaring bankruptcy casts doubt about the future of public employee
   pensions and health care plans in Detroit, which has about 10,000 city
   employees.
   In the early 1950s, the city`s population was 1.8 million. By 2010, it
   was down to around 700,000, with people fleeing the city amid racial
   tensions and declining job opportunities.
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   [1]http://www.voanews.com/content/major-us-city-files-for-bankruptcy/17
   04961.html

References

   1. http://www.voanews.com/content/major-us-city-files-for-bankruptcy/1704961.html