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Rick Snyder, Michigan Gov., Declares Detroit Financial Emergency Exists

Detroit is in a state of financial emergency, Michigan Gov. Rick Snyder (R) said Friday. "There's probably no city that's more financially challenged in the entire United States," said Snyder. "We need to start moving upward with the city of Detroit." Mayor Dave Bing has a 10-day period in which he can request a hearing, after which point, according to the Associated Press, Snyder can appoint an emergency financial manager for the city or revoke his decision.

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