底特律破產：汽車城破產背後的原因

1. How did Detroit’s financial situation get so dire, and does it hold lessons for other cities?
1. 底特律的財政狀況怎麼會變得這麼差，對其他城市有什麼經驗教訓？

Most experts point to a number of reasons for Detroit’s woes: corruption, financial mismanagement, an automotive industry that shed jobs rapidly from the early 1980s to now. All this was exacerbated by population loss. Detroit has steadily lost population since the 1950s, going from a peak of 1.9 million residents to fewer than 700,000 today.
很多專家指出了底特律困境的許多原因：腐敗、經濟管理不善，而且從20世紀80年代初到現在，汽車行業一直在迅速裁員。人口損失又把情況加重了。底特律從20世紀50年代起人口數量穩步下滑，居民數從190萬的最高點到現在不到700000人。

2. What is the state of the city’s bankruptcy?
2. 底特律的破產情況到了什麼程度？

Even though emergency manager Kevyn Orr announced in July he planned to have Detroit declare Chapter 9 bankruptcy, the city still needs federal court approval to do so. The process has not been a smooth one, as many vested interests involved in the potential restructuring - namely the city’s public sector unions and creditors - have pushed back significantly. Bondholders and other creditors are fighting the prospect of receiving pennies on the dollar, and unions say a bankruptcy would violate the state constitution, which protects retiree benefits.
即使緊急狀態管理人奧爾在7月時曾經說他準備提交破產保護申請，但底特律仍然要等聯邦法院的批准。過程並不順利，因爲許多既得利益者參與了重組——即城市公共部門的工會和債權人——他們大力主張延後處理。債券持有人和其他債權人反對廉價處理資產，而且工會說破產會違反保護退休福利的憲法。3. How is Detroit shoring up its finances in the meantime?
3. 底特律現在是如何鞏固其財政的？

Earlier this month the city announced it would replace health-care benefits for retirees under age 65 with a $125 monthly stipend; those 65 and older would transition to Medicare, with the city paying all or most of the premiums.
底特律在本月早些時候宣佈，將把65歲以下退休人員的醫療福利改成每月125美元的津貼；而65歲以上的老年人將轉成醫療保險，底特律會支付全部或大部分的保費。

Mr. Orr says the changes will trim the city’s annual cost of retiree health care by more than two-thirds, from $170 million to $50 million or less.
奧爾先生說這個改變將會讓每年對退休人員醫療保健的開支減少超過三分之二，從1.7億美元將到5000萬或更少的數額。

Orr recently hired Christie’s Appraisals, the famed New York City auction house, to appraise the 60,000-piece collection, which may be worth billions of e Orr has the right to sell the collection, it is more likely he will use it as collateral to raise money for a loan. DIA officials say such leveraging would put the art at risk; if the city defaults on such a loan, the fine-art collateral could be seized and sold. Another solution: Rent out parts of the collection to other museums.
奧爾最近聘請了著名的紐約拍賣行來估價博物館中的60000件藏品，價值可能達到數十億美元。雖然奧爾有權出售藏品，但他更有可能將藏品作爲貸款抵押品籌集資金。DIA官員說這樣舉債會對藝術品產生風險，如果底特律違約，這些藝術藏品會被沒收和出售。另一個解決方案是：把部分藏品給其他博物館收藏。

4. What is the status of Detroit’s auto industry now?
4. 底特律現在的汽車產業怎麼樣？

Detroit’s big three automakers - General Motors, Ford, and Chrysler - are rebounding, making it one of the city’s few success stories in recent years. All three reported strong gains in global sales for the first half of 2013. One factor boosting revenue: China. All three car companies have opened factories or established supply chains there. GM leads competitors in sales; it enjoyed a nearly 11 percent jump in Chinese sales for the first half of the year, a record for the company and a figure that nearly matched its car sales in North America.
底特律三大汽車製造商——通用汽車、福特和克萊斯勒——正在恢復元氣中，這是近年來這個城市爲數不多的功績之一。這三家公司都報告了2013年上半年全球銷售的強勁上漲。收入增加一個因素來自中國。這三家汽車公司都在那裏開了工廠或建了供應鏈。通用汽車在銷售方面領先競爭對手，它上半年在中國的銷量增長近11%，破了公司的記錄，並幾乎可以與北美的汽車銷量媲美。

Detroit is also benefiting from Chinese investment. Chinese companies are pouring $1 billion into Michigan, and 95 percent of it is automotive-related, according to the state.
底特律也得益於中國投資。底特律表示，中國企業向密歇根投入了10億美元，其中95%與汽車行業相關。