adminThe Michigan state capital became the biggest city in US history to file for bankruptcy with debts estimated at $18,5bn.
The bankruptcy, if approved by a federal judge, would force Detroit’s thousands of creditors into negotiations with the city’s Emergency Manager Kevyn Orr to resolve the debt that has crippled Michigan’s largest city. The livelihoods, pensions and health benefits for thousands of city workers hangs in the balance.
Sky News quoted a White House spokeswoman saying US President Barack Obama and his senior team were monitoring the situation in Detroit closely.
“While leaders on the ground in Michigan and the city’s creditors understand that they must find a solution to Detroit’s serious financial challenge, we remain committed to continuing our strong partnership with Detroit,” White House spokeswoman Amy Brundage said.
MDC-T’s 2013 election manifesto hinges on foreign aid and investment from the party’s “friends” in Europe and the United States. This contrasts sharply with Zanu-PF’s indigenisation and economic empowerment thrust that seeks to fund expenditure by unlocking value in indigenised and idle assets and monetising those assets. The Zanu-PF manifesto says value will be created from the 51 percent of assets that will be unlocked from the indigenisation programme.
Online Reporter