Billions in Debt, Detroit Tumbles Into Insolvency
By MONICA DAVEY and MARY WILLIAMS WALSH
Published: July 18, 2013
The New York Times
"DETROIT — Detroit, the cradle of America’s automobile industry and once the nation’s fourth-most-populous city, filed for bankruptcy on Thursday, the largest American city ever to take such a course...
For Detroit, the filing came as a painful reminder of a city’s rise and fall...
“For a struggling family I can see bankruptcy, but for a big city like this, can it really work?” said Diane Robinson, an office assistant who has worked for the city for 20 years. “What will happen to city retirees on fixed incomes?”"