Mish's Global Economic Trend Analysis: Michigan Forbids City of Hamtramck to Seek Bankruptcy; My Advice to Hamtramck: "Default"
"That Hamtramck is clearly bankrupt, unable to bay bills, saddled with unions salaries, pension promises that cannot be met, as well as other problems it desperately needs to get rid of without burdening taxpayers even more, is of no concern to the current governor of the state.
Please consider this updated report Michigan Forbids City To Seek Municipal Bankruptcy.
A spokesman for the Michigan state treasury said Thursday that municipal bankruptcy isn't an option for Hamtramck, the small city near Detroit that earlier this month asked the state for permission to file for the process."
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