Jeffrey J. PrevidiWrong Jeffrey J. Previdi?
Local Address: New York City, New York, United States
Standard & Poor's
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To be sure, Detroit's financial disarray was decades in the making: a downward spiral of company departures and failures accompanied by a dramatic drop in its population, to just below 700,000 from a peak of 1.8 million, and a rise in crime.
Once the cradle of U.S. automotive industry and Motown music, Detroit appears to have run out of alternatives to bankruptcy barring a bailout from the state.
New York, Cleveland and Philadelphia previously teetered on the edge of bankruptcy but Detroit is the first major U.S. city to file for bankruptcy, pressured by $18.5 billion of outstanding liabilities.
To this point, only much smaller local governments have gone the bankruptcy route without external help and facing similar issues.
Take for example Vallejo, California, with about 116,000 people.