Detroit is in "Financial Emergency"

According to review team headed by Michigan State Treasurer Andy Dillon

DETROIT, Feb. 20 (UPI) -- A review team in Michigan has found the city of Detroit in a financial emergency but the state treasurer has ruled out a bankruptcy filing at this time.

Michigan State Treasurer Andy Dillon, who led the review, said he doesn't think Detroit should go through a Chapter 9 bankruptcy to cure its financial ailments, The Detroit News reported Wednesday.