Detroit has become the latest city to file for bankruptcy, and will be the largest municipal bankruptcy in US history.

Rick Snyder, the Governor of Michigan, had been trying to broker a deal with Detroit’s creditors to restructure it’s debt, estimated to be around $18.5 billion.

However, Mr Snyder’s plans received stiff resistance from some creditors, most notably from Detroit’s two pension funds.

Mr Snyder said, “it is clear that the financial emergency in Detroit cannot be successfully addressed outside of such a filing, and it is the only reasonable alternative that is available.”

Read More: The Telegraph