Connecticut to file bankruptcy August 7th, 2017

Detroit filed for bankruptcy Thursday, becoming the nation’s largest public sector bankruptcy. The move could slash pension benefits to city workers and retirees, and leave bond holders with only pennies on the dollar.
The bankruptcy was filed by Emergency Manager Kevyn Orr and approved by Michigan Gov. Rick Snyder. Snyder said the financial condition of the city left him no choice.
“Now’s our opportunity to stop 60 years of decline,” Snyder said at a Friday news conference with Orr. “How long had this been going on and people were kicking the can down the road and not doing something? We’re doing something.”