Review panel says Detroit is "on verge of collapse" financially

6:38 am
Wed February 20, 2013

Review panel says Detroit is "on verge of collapse" financially

Lead in text: 
Governor Snyder is expected to appoint Emergency Financial Manager for state's largest city.
An emergency review team's report on Detroit describes a city on the verge of collapse -- too inflexible to restructure itself, unable to explain why its budget forecasts are routinely wrong and no longer capable of papering over its crisis by taking out loans. How bad is it?