Detroit is broke. On Friday, Michigan Gov. Rick Snyder announced the state will take over the city's finances.
"It is time to say, we need to start moving upward with the city of Detroit," he said.
But the question on many people's minds is whether state intervention will be enough — and whether the more ominous and painful scenario of municipal bankruptcy can be avoided.
Adding Up The Debt
Just how far gone is Detroit? Eric Lupher, director of local affairs for the Citizens Research Council of Michigan, sums it up like this: