How did Detroit get into the red?
Who filed the bankruptcy?
Who was to blame?
What were the consequences?
Why is Greece like Detroit?
Why is Greece not like Detroit?
What are the lessons?
Even if the consequences of Greece’s crisis are still uncertain: The Detroit bankruptcy was handled quickly and efficiently. Within 18 months, the city changed from being looked at as a post-apocalyptic scenery into a place for opportunity and growth. A new convention center, a new sports arena, a 21st century style streetcar line and a massive bridge connecting Detroit with Canada are only some of the many massive projects underway. Meanwhile, more than 100 tech startups have settled in the inner borders of the city, targeting disruptive business sectors such as agriculture, renewable energy and drone navigation.
“Detroit: Now Hiring” reads a sign recently put up in New York City. Athens and the rest of Greece have a chance to go the same way – if Europe stops the financial bleeding and helps it resurrect.