Banking Latest News: Officals: Detroit Faces Long Road Through Bankruptcy

Wochit 1:01 mins

Michigan Governor Ricky Snyder and Detroit's emergency manager Kevyn Orr sought to assuage residents' concerns over the city's bankruptcy proceedings while acknowledging that a lengthy court battle awaits. "We're the comeback state in Michigan, but to be a great state we need? Detroit on the path to being a great city again," Snyder, a Republican, said at a press conference. Greece's second-biggest bank, Piraeus, has launched a voluntary redundancy scheme aimed at cutting around 1,500 jobs in a drive to cut costs after taking over assets from smaller rivals, a source at the bank told Reuters. China's central bank announced interest rate reforms, removing minimum rates banks may charge clients for loans in a step toward more market-driven credit pricing. That move could allow banks to lower rates and more fiercely compete for customers.

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