Reuters: Bankruptcy News: Review finds Detroit's finances dire, needs help

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Review finds Detroit's finances dire, needs help Feb 19th 2013, 21:01 DETROIT | Tue Feb 19, 2013 4:01pm EST DETROIT Feb 19 (Reuters) - A team appointed by Michigan Governor Rick Snyder said on Tuesday that the city of Detroit faces a financial emergency and needs help to make difficult decisions. While the report by the six-member team assembled by the Republican governor in December did not recommend an emergency financial manager, it said the city was in crisis. "The team collectively believes the city needs assistance in making the difficult decisions necessary to achieve the significant reforms that are so crucial to the city's long-term viability," Michigan Treasurer Andy Dillon, a review team member, said in a statement. Snyder has up to 30 days to accept or reject the team's findings. If an emergency manager is appointed, one option would be for Detroit to file for bankruptcy in what would be the largest-ever municipal bankruptcy in the United States. The final decision on whether to file for what is known as Chapter 9 bankruptcy would rest with a group of Michigan state government officials appointed by Snyder.

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