They did it to themselves! The city making promises it could NEVER keep to greedy work unions. Handing out welfare, food stamps, credits for oil, power, etc. The city government bought votes with all that swag, hand outs & free rides. Why work when the government will just TAKE $$ (by force of law) from the people that DO work and hand it over to those who don't work for a living, but just vote for their living?
Motor City's chickens have come home to roost. Let it go under and assets sold off to pay the debt. But it won't happen. The "usual suspects" will cry, "Detroit is to big to fail! cry, cry, weep, weep"
The creditors will be forced by some duplicit judge to accept pennies on the dollar. The creditors will in turn raise prices to try to recoup the loss.