Michigan Governor Rick Snyder (R) yesterday appointed a financial review team for Detroit, the latest development in a process that could lead the city to file for biggest-ever U.S. municipal bankruptcy, Reuters reported yesterday. "Given the financial crisis that continues to grip the City of Detroit, we must move quickly to ensure city residents have continued access to essential services they expect and deserve" Snyder said. Frustrated by the slow pace of fiscal reforms and worried by Detroit's long-term outlook, state official earlier this month launched a state review. Last week, the first part of the process - a preliminary review of Detroit's cash-strapped finances - was completed in just four days and concluded in a report that the city had "a serious financial problem." The report said that "due to financial reporting problems, city projections change from month to month making it difficult to make informed decisions regarding its fiscal health."
