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Q.

Detroit Goes Bankrupt- What does it mean ??

Tags: goes, detroit goes bankrupt
Asked by Kaundanya, 20 Jul '13 08:16 am
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Answers (7)

1.

Their spending overtaken the revenue.
Answered by dinkar shetty, 20 Jul '13 09:36 am

 
  
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2.

It means that they will not their pending bills.
Also, they will lay off many employees.
They will sell some of their assets.
Infrastructure like mantaing roads and the transport system, street lighting, garbsge collection etc. Will take a beating.
Answered by mohanbirsingh ghura, 20 Jul '13 09:31 am

 
  
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3.

There is a mismatch of revenues expenditure-All financial budgeting and forecast have gone awry-
Answered by anantharaman, 20 Jul '13 08:44 am

 
  
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4.

Means they dont have money to carry out the business and are in debt
Answered by Ghost Singh, 20 Jul '13 08:17 am

 
  
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5.

It means american dream is getting over gradually.
Answered by Quest, 20 Jul '13 12:37 pm

 
  
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6.

Detroit, 18th largest city in the U.S is on verge of Bankruptcy. Population of Detroit is about 7 lakhs, which is half of the population in 1950's! People are moving out because of dying industries & businesses. Per capita income of Detroit is mere US $ 15K which is much lesser than like of Seattle where it is US $ 40K if standard of living is considered of the U.S.
Answered by Gypsy, 20 Jul '13 09:14 am

 
  
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7.

The bottom line, at the end of the day one has to look after themself. If we fail, not much others can do.
That way lot many govt. organisation like EB, public transportation and even few states itself India like Bihar are qualified for bankruptcy due to their incompitancy, but protectionism policy is helping them to still float.
Answered by MAdhavan Avadhany, 20 Jul '13 08:37 am

 
  
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