Rick Snyder, Michigan Governor: Detroit Bankruptcy Was The ‘Last Resort’ For Troubled City
Posted in: Today's ChiliGov. Rick Snyder approved plans for the city of Detroit to file for Chapter 9 bankruptcy on Thursday, calling it the “only reasonable alternative” for the cash-strapped city to survive.
In a letter addressed to Detroit’s emergency manager, Kevyn Orr, and Michigan Treasurer Andy Dillon, Snyder argued that the bankruptcy — the largest ever for an American city — was an ultimately inevitable “last resort.”
Just last January, however, Snyder told The Huffington Post in an interview that he felt Chapter 9 municipal bankruptcy was not efficient enough to address Detroit’s issues in a timely fashion. “The track record, so far, has been pretty dismal,” he said. “And the associating stigma of what it does, trying to get people to go there in the interim, is even worse.”
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