AMERICA - City of Detroit's Debt, Default?

"Painful Options Ahead:  Detroit to Default on $2.5 Billion Debt" PBS Newshour 6/14/2013

Excerpt

SUMMARY:  The city of Detroit is facing difficult decisions in the face of billions of dollars of debt.  Emergency manager Kevyn Orr laid out a last-ditch plan to 150 creditors to accept pennies on the dollar to keep the city running.  Some residents are skeptical of Orr's approach.  Ray Suarez talks to Matt Helms of the Detroit Free Press.