With 2-3 weeks to receive $30M of state aid from Michigan in order not to run out of cash, Detroit is again teetering on the brink of bankruptcy. The aid is contingent of the city implementing the provisions of an agreement in April, when Michigan agreed to provide $137M, but those measures haven't been enacted. Financial mismanagement, political corruption, a hard-hit housing market and a massive loss of population are the causes of Detroit's woe.
With 2-3 weeks to receive $30M of state aid from Michigan in order not to run out of cash,...
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