Detroit files for Chapter 9 bankruptcy

[link to www.freep.com]

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“I know many will see this as a low point in the city’s history,” Snyder said in his order authorizing the filing. “If so, I think it will also be the foundation of the city’s future — a statement I cannot make in confidence absent giving the city a chance for a fresh start, without burdens of debt it cannot hope to fully pay.”

./endsnip