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Detroit bankruptcy to be solved between city, creditors: White House

English.news.cn   2013-12-04 10:15:35            

WASHINGTON, Dec. 3 (Xinhua) -- The crisis of Detroit's bankruptcy should be solved between the city and its creditors, without the involvement of the federal government, the White House said on Tuesday.

"There is enormous hardship caused by some of the problems that have happened in Detroit, which is why this needs to be resolved between the city and its creditors," White House spokesman Jay Carney told the daily briefing.

U.S. Bankruptcy Judge Steven Rhodes on Tuesday determined that the city meets the criteria for bankruptcy, ruling that Detroit is financially insolvent and that the filing was properly authorized. He dismissed challenges to Michigan's emergency manager law and ruled that pensions are not protected by the state Constitution.

"Our position on this is the same as it was prior to the judge's ruling and prior to -- or in the immediate aftermath of the declaration of bankruptcy," Carney told reporters, adding that "Detroit's bankruptcy is something that needs to be resolved between the city and its creditors."

"What we have said and what we are doing is working to provide real, tangible economic development and opportunity with existing resources and public-private partnerships to support and accelerate Detroit's revitalization," Carney added.

Related:

Detroit eligible for bankruptcy protection -- federal judge

CHICAGO, Dec. 3 (Xinhua) -- A federal judge on Tuesday ruled that Detroit is eligible for Chapter 9 bankruptcy protection, but at the cost of pension cuts.

U.S. Bankruptcy Judge Steven Rhodes determined that the city meets the criteria for bankruptcy, ruling that Detroit is financially insolvent and that the filing was properly authorized. He dismissed challenges to Michigan's emergency manager law and ruled that pensions are not protected by the state Constitution. Full story

Editor: Yang Yi
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