Reuters: Bankruptcy News: Michigan governor declares Detroit fiscal emergency

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Michigan governor declares Detroit fiscal emergency Mar 1st 2013, 17:05 DETROIT, March 1 | Fri Mar 1, 2013 12:05pm EST DETROIT, March 1 (Reuters) - Michigan Governor Rick Snyder on Friday officially declared Detroit in a fiscal emergency, setting the stage for the state to appoint an outside manager to oversee the city's finances. The Republican governor announced that he agreed with a Feb. 19 report by a six-member team of experts that concluded Michigan's largest city is in dire financial shape and a plan put in place last April to aid Detroit was not working. Detroit officials now have 10 days to request a hearing with the governor about his decision.

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