Detroit said it will stop making payment on $2.5 billion of the city’s massive $18.5 billion debt and has asked creditors to accept 10 cents in the dollar of what the city owes them in a bid to avoid the largest municipal bankruptcy filing in US history.
Detroit Emergency Manager Kevyn Orr said the city would stop making payments on its unsecured debt in a bid to “conserve cash” for vital services like police and firefighters. He further said pension benefits both present and future along with healthcare would face cuts, while control over the city’s water and sewage would be turned over to an independent body. Continue reading “Detroit rock bottom: City announces $2.5bn debt default”

RT News
Activist Post – by Heather Callaghan
Truthstream Media – by Melissa Melton
Activist Post
SHTF Plan – by Max Slavo
AlterNet – by Rebecca Leber
Public Intelligence
Time – by Karl Vick
World Events and the Bible
World Events and the Bible
Washington Post – by Greg Miller and Joby Warrick
BizPac Review – by Cheryl Carpenter Klimek