Detroit council blinks — but EM still likely for a city out of choices (Detroit Free Press)

December 12, 2012 – With few options remaining — and zero time on the clock — the Detroit City Council approved a slate of contracts necessary to get an influx of cash that will avert the looming cash crisis. Well, for now, at any rate. That’s the catch. In Detroit, “fixed” is a relative term. With yesterday’s contracts OK’d, the city will be able to draw on about $30 million from a summer bond sale being held in escrow by the state, but Detroit is no closer to long-term financial stability. And, frankly, no closer to making the case that the city can work out its problems without an emergency financial manager.

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