Review Panel: Detroit in Financial Emergency

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Detroit is in a financial emergency, and it's now Michigan Gov. Rick Snyder's job to fix it.

A state review team has determined the Motor City has "no satisfactory plan to resolve a serious financial problem."

The city has basically been living on borrowed funds for the past eight years.

Michigan State Treasurer Andy Dillon discussed the findings of the six-member review team with reporters Tuesday.

"Obviously the cash condition that the city finds itself in has been a strain on the city," Dillon said. "If you look, the city's been running deficits every year since 2005 and they've been masking over those in a way with some long-term borrowings."

Gov. Snyder now has 30 days to decide if an emergency manager should take charge of its finances.

Some financial experts believe municipal bankruptcy may be Detroit's only remedy. But the state treasurer said he is confident other solutions can be found if the city and state work together.

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