As the city of Detroit awaits official word about the appointment of an emergency financial manager a local economist says this will be a historic turning point for the city.
Dr. Robert Dye, Chief Economist at Comerica Bank says it is an opportunity for a reset on the Detroit fiscal issues and an opportunity for some outside of the box thinking.
"Here's a unique opportunity for Detroit to say we want to solve these problems and we to solve it in such a way to reestablish Detroit as a world class city," Dye said. He also said he believes that can happen with the right thinking and the right activity.
Speaking with FOX 2's Murray Feldman before the announcement on an EFM was made, Dye also said what happens next will impact the economy. "If we do see government jobs being cut back, and government services being scaled back, there will be an immediate short term drag. Now the hope is over the long term we get Detroit on a firmer financial foundation and we will start to see a positive coming out of this."
Dye also said he believes it is too early to say just how big a drag the appointment will have on the economy because it is unknown which route the emergency financial manager will take.
Come back for updates on this developing story. You can also read more by following the link to Snyder announcement on Detroit emergency financial manager.