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Business Matters: Detroit Bankruptcy

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04/12/2013

Detroit Bankruptcy

BBC World Service - Business Matters, Detroit Bankruptcy

As Detroit is cleared to declare bankruptcy, what impact will it have for the Motor City?

As Detroit is cleared to declare bankruptcy, what impact will it have for the Motor City? Plus, why Spain's ranking has plummeted in a new corruption league table.

Detroit, once known as the Motor City, has been given the go ahead to declare municipal bankruptcy. With debts exceeding $18bn, it will be the biggest public bankruptcy in US history. We hear from former city workers who face losing their pensions and their healthcare benefits. And, we speak to Detroit Free Press columnist, Nancy Kaffer, who insists it is a city worth saving. 

Denmark and New Zealand are the least corrupt countries in the world, according to a new league table. Greece came in at number 80 and Russia is at number 127. But the biggest loser was Spain, which plummeted in the rankings. We find out if Spanish citizens are surprised. 

We have a report from Peru, which has recently surpassed Colombia as the world's most prolific producer of cocaine. Plus, we visit Germany, where brewers of traditional beer are campaigning to get the United Nations cultural agency, UNESCO, to recognise their recipe as a piece of "intangible heritage".  

Wall Street Journal columnist, Michael Casey, joins us live from New York and Bloomberg View Asia Editor, Nisid Hajari, is in our Singapore studio.

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