Friday, March 1, 2013

Michigan Governor Declares Fiscal Emergency For Detroit

Governor Rick Snyder declared Detroit to be in fiscal emergency, on Friday.

Detroit's economy is one of the poorest in the US and has no sign of being able to even slow the decline.

City officials will now have ten days to argue why the emergency shouldn't be declared.

If they can not convince the Governor to change his mind, then the state will take over management of the city.

Snyder apparently has already selected a person to take over management of the city, but did not release who that is.

Under a Michigan law, which takes effect on March 28, emergency managers will have many powers including the ability to revise or end collective bargaining agreements.

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