Business

Detroit’s bankruptcy follows decades of decay

By Washington Examiner
Published February 21, 2014 6:07pm ET
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Detroit’s bankruptcy follows decades of decay
FILE - In an Oct. 10, 2013 photo is a manhole cover is seen in Detroit. The city, which was about to default on a good chunk of a long-term debt exceeding $18 billion, now is getting a second chance in a federal bankruptcy court-led restructuring. (AP Photo/Carlos Osorio, File) | Carlos Osorio

DETROIT (AP) — The city of Detroit, which for years paid its bills with borrowed money, is the largest city in U.S. history under bankruptcy protection. Here’s a look at how the city spiraled into financial ruin and why it’s in so much trouble:

WHAT HAPPENED?

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