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Detroit bankruptcy a long time coming

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International News | Saturday July 20 2013 11:35

Detroit bankruptcy a long time coming


A United States academic says Detroit's bankruptcy has been on the cards for a while.

The Michigan city is the largest in US history to file for bankruptcy protection after decades of decline and mismanagement.

VIDEO: The City of Detroit files for bankruptcy

Richard Florida of Toronto and New York University has told CNN that it has been a long time coming.

"You know, this city has been under fiscal stress, or maybe you'd call it fiscal crisis - it just doesn't have the revenue to meet its obligations - for a long time."

Detroit's bankruptcy is expected to make it harder for other US states to borrow money.

Photo / Getty Images

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