Michigan Governor Rick Snyder declared Detroit to be in a state of emergency on Friday and said...

|By:, SA News Editor

Michigan Governor Rick Snyder declared Detroit to be in a state of emergency on Friday and said he would appoint an outside manager to help turn around its dire finances, which include $14B in long-term liabilities. City officials have ten days to persuade Snyder to change his mind. Should he uphold his decision, it would be the latest step in attempts to prevent Detroit filing what would be the biggest municipal bankruptcy in U.S. history.