Detroit Is Largest US City to Go Bankrupt

After years of the recession, Detroit has finally succumbed to financial difficulties.
3:00 | 07/18/13

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Transcript for Detroit Is Largest US City to Go Bankrupt
We turn next to a big headline tonight out of america's iconic motor city, detroit, waving the white flag, the city filing for bankruptcy. What does this mean for detroit and the country. Senior national correspondent jim avila has the latest. Reporter: Once america's fourth largest city, detroit now a stunning $18 billion in debt. Clinking to its reputation as the world's motor city, producing detroit iron sold by home grown stars like m and m. This is the motor city and this is what we do. Reporter: Clint eastwood embodying the don't give up, with his iconic commercial at the super bowl of the city's latest come back. The wor is going to hear the roar of our engines. It's halftime, america and our second half is about to begin. Reporter: With the motown glory years of fast cars and soul music are long gone. Now the homicide rate at its highest in 40 years. Dubbed murder city with 78,000 abandoned buildings, 63% of iths population gone. So empty the city of paris could fit inside the vacant space. Today the michigan governor announced the unannoyedable. Bankruptcy. Detroit now hoping to start over. It's an opportunity for a fresh start. Reporter: One of the ideas, We could become the greenest city in the country because of the land that we have. Reporter: The bitter pill of being the largest american city to ever fold, stiffing creditors, cutting pensions whiem hoping to offer citizens some way out. Next tonight we want to take

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