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Tuesday, December 3, 2013

Detroit Judge Says ‘Yes’ To Largest Public Bankruptcy In US History

Protesters rally outside The Theodore Levin United States Courthouse in Detroit, Wednesday, Oct. 23, 2013. (Paul Sancya/AP)

Protesters rally outside The Theodore Levin United States Courthouse in Detroit, Wednesday, Oct. 23, 2013. (Paul Sancya/AP)

A judge has ruled that the city of Detroit is legally cleared to declare bankruptcy. The decision by Justice Steven Rhodes allows the city to shed $18 billion in debt, creating the largest public bankruptcy in U.S. history.

The ruling, opposed by unions and creditors, throws into question the fate of $3.5 billion owed to two pension funds subscribed to by 23,000 residents.

The ruling also leaves billions of dollars worth of artwork at Detroit’s Institute of Art vulnerable, since some are suggesting that the art be auctioned off to raise money.

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