Blog: Detroit defaults to avoid bankruptcy
Glenn Brooks | 17 June 2013
Friday's US$39.7m missed payment on debt issued to fund pensions has made Detroit the most populous US city to default since Cleveland 35 years ago.
There's a good summary of how Motor Town got itself into its current state, plus what Emergency Manager Kevyn Orr is proposing to the city's creditors here.
I'm starting to get a small idea of the scale of things here in China, but really, I'm only scratching the surface of this vast country....