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Economics News for English Learners – Program 16

Detroit Files For Bankruptcy

Not long ago, the city of Detroit, U.S.A., filed for bankruptcy. The city had more debt than it had tax revenue, and it could not keep up with its financial responsibilities. As a result of the financial downfall of 2007, many cities in the United States of America had to file for bankruptcy, millions of Americans lost their jobs, and hundreds of thousands of homes were taken away from people who couldn’t pay their monthly mortgage. Yet the financial difficulties affected people in every other country in the world, not just the United States of America. How has the financial downturn affect your country, your region, and your family? Share your insights with us by adding a comment below.

1 Comment Already

  1. Profile photo of admin admin says:

    English Vocabulary: BANKRUPTCY
    a legal process intended to insure equality among the creditors of a corporation declared in bankruptcy
    inability to discharge all your debts as they come due; “the company had to declare bankruptcy”; “fraudulent loans led to the failure of many banks”
    a state of complete lack of some abstract property; “spiritual bankruptcy”; “moral bankruptcy”; “intellectual bankruptcy”

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