12/5/2013 – Those pension blues: Where Detroit has gone, will others follow?

SINCE July, Judge Steven Rhodes has been considering whether the city of Detroit is eligible for protection from its creditors. On December 3rd he decided that it was. This clears the path for the largest municipal bankruptcy in American history. The city is carrying more than $18 billion in debt, and the judge remarked that he thought it should have filed for bankruptcy years ago.

Read the full article the The Economist.