According to Detroit's emergency manager, the city must dig itself out of the financial hole it created and cannot wait to see if the federal government will come to its rescue
Michigan Gov. Rick Snyder reiterated on CBS' "Face the Nation" that a federal bailout was far from likely for Detroit. The remarks come after the city of Detroit, shouldered with more than $18 billion in debt, filed for Chapter 9 bankruptcy, the largest municipal bankruptcy in U.S. history. Snyder said he's not counting on help from the United States government, and he doesn't plan to provide financial assistance on the state level"It's not just about putting more money in ... it's about accountable government," he said.
With more than $18 billion at stake in Detroit's restructuring, big law-firms and other advisers are clamoring to represent the city's many creditors.