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HomeOff Topics News & Politics › Democrats drive Detroit into default...$2.5B
06-15-2013 12:45 AM  5 years agoPost 1
dilberteinstein

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texas - USA

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(AP) Emergency manager: Detroit won't pay $2.5B it owes
By COREY WILLIAMS
Associated Press
ROMULUS, Mich.
Detroit's emergency manager says the city is defaulting on about $2.5 billion of debt.

Kevyn Orr said Friday that Detroit is asking creditors to take about 10 cents on the dollar of what they're owed. Underfunded pension claims will get less.

Orr spent about two hours Friday morning with dozens of people representing banks, insurers and companies holding Detroit debt. He told reporters earlier at an airport hotel in Romulus he wants to fix fiscal problems that have made the city insolvent.

He has instituted a moratorium on all of Detroit's payments on unsecured debt, seeking forgiveness of millions of dollars owed by the city.

He also said $1.25 billion will be set aside over 10 years for public safety, lighting and neighborhood blight elimination.

http://www.breitbart.com/system/wire/DA6TK8FO1
100 percent Democrats.

90% of life is "showing up"

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06-15-2013 03:15 AM  5 years agoPost 2
nitro fun

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Oc ca

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Ahhhh

A democrat dream, spend until their is nothing left to spend, barrow until their is nothing left to barrow , tax untill their is nothing left to tax, when corrnerd like a rat play dumb and blame bush..

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06-15-2013 03:22 AM  5 years agoPost 3
Dennis (RIP)

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Oregon

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Another democrat stronghold bites the dust.

Ah Geez.

Thats to bad.

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06-15-2013 06:06 AM  5 years agoPost 4
R Hudson

rrKey Veteran

Denver, CO

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That is to bad that they need to barrow money too bail themselves out.

Signature

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06-15-2013 06:19 AM  5 years agoPost 5
spaceman spiff

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Tucson

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Hehehe..

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06-16-2013 03:28 AM  5 years agoPost 6
baby uh1

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St. James, Mo.

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Kevyn Orr said Friday that Detroit is asking creditors to take about 10 cents on the dollar of what they're owed. Underfunded pension claims will get less.
There you go, the democrats spending the working man's money before he can get it again!

Anything is possible if you don't know what you are talking about!

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06-16-2013 02:34 PM  5 years agoPost 7
fla heli boy

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cape coral, florida

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The emergency manager appointed by the Republican governor to try to straighten it out is chopping heads...making a difference too.
What really irks the Demtards though, is that the guy doing it, is a black financial guru from Wallstreet.
There might be a light at the end of the tunnel, but it's going to get ugly in the meantime. Detroit's been on the federal teet since the 60's.

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06-16-2013 03:15 PM  5 years agoPost 8
fla heli boy

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cape coral, florida

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06-16-2013 05:57 PM  5 years agoPost 9
InvertedDude

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USA

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fla heli boy
I wished the economy would just collapse, so we can get on with our business.

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06-16-2013 06:53 PM  5 years agoPost 10
GREYEAGLE

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Flat Land's

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What a good deal --- pay back .10cents on each $1.00 dollar they have borrowed

Hey buddy loan me another $10.00 buck's

greyeagle

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06-16-2013 10:40 PM  5 years agoPost 11
punkin71

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illinois

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Time to introduce Robocop to clean up the streets!

Couldn't help myself.

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06-16-2013 10:44 PM  5 years agoPost 12
GREYEAGLE

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Flat Land's

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Shovels /garbage bags/ paint brushes /rakes and gloves

Move the kitchen every day to a new location - that needs work

greyeagle

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