Michigan Gov. Snyder: Bankruptcy Will Be ‘Foundation’ Of Detroit’s Future

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Michigan Gov. Rick Snyder (R) said in a letter Thursday authorizing Detroit’s filing for bankruptcy that the move was the only recourse for the troubled city.

“I know many will see this is a low point in the city’s history. If so, I think it will also be the foundation of the city’s future,” Snyder wrote, according to the Detroit Free Press. 

He added: “Without this decision, the city’s condition would only worsen.”

 

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