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MAR 01, 2013 - Yahoo! News

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Michigan governor declares Detroit fiscal emergency

DETROIT (Reuters) - Michigan Governor Rick Snyder on Friday officially declared Detroit in a fiscal emergency, setting the stage for a state takeover of the city's financial management and ultimately the possibility of the largest municipal bankruptcy in U.S. history. The Republican governor said he agreed with a February 19 report by a six-member team of experts that concluded Michigan's largest city is in dire financial shape and a plan put in place last April to aid Detroit was not sufficiently working. ...

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