their own to handle detroit s problems. we help detroit. we are now going through exactly in detail we had a meeting yesterday, just getting a brief on the status. the question is we don t know at this point. the city is $18.5 billion in debt. a significant portion of that is the dramatic underfunding of city employee pensions. emergency manager s office says the city only generates a billion dollars in revenue and cannot pay down the debt, harris. harris: wow. a michigan judge though ruled that the bankruptcy is unconstitutional fake a look at this order from the county judge. a copy of this order shall be transmitted to president obama. it is so ordered. and the judge signed it. this judge believes that what the governor and the emergency manager did was unconstitutional or against michigan s constitution because it lessens employee pension benefits in the
not complete and negotiations on the debt rebleven not begun but orr is on a time line. 18 months to get detroit in the black. we don t have time for more delaying tactics and for more litigation and business as usual. reporter: it s been a long fall for detroit from the hey day to auto manufacturing to 18.5 billion in debt and a revenue stream of only about a billion dollars. mike tobin in chicago. i want to talk about what this means for the chicago and you and your family at home. melissa francis is live back in new york. she is the host of money with melissa francis. good evening, melissa. what does this mean to people living outside of detroit looking in? it means to the city that you re living in right now, you can bet the people who run your city are looking harder at their finances tonight. if they are doing what detroit was doing and that was spending $100 million more than they were taking in every year since 2008.
they say by creating a stink because they say the deal stinks and to avoid certain bankruptcy detroit is asking bondholders to accept penny0s then dollar or get nothing. investors say they re getting the shaft are the unions are getting a pace and their pensions are getting a pass. the unions beg to differ. this former chrysler dealer went through something during the auto bailouts when he says the government caused chrysler to shutter the company. he notice sure detroit will record. deja vu. you ain t kidding. i got to tell you, it was just a matter of time. when you have mismanagement and you have a situation where a city the size of detroit, which is huge, it s called a major american city. they owe $18.5 billion in debt and cannot pay it.
everybody s been talking about this for months. cnbc reporting this morning facebook will increase the ipo size, could be valued as much as $18.5 billion. but gm pulling its ads from the social network saying they don t work. this is a new poll from associated press and cnbc reveals more than 80% of people say they rarely click on ads. this seems to me, geoff, like it strikes at the core of the facebook model. how could you valued that high if nobody is looking at the advertising? the timing is delicious. i don t think it will remove the momentum from those who want to participate in this ipo. and you can clearly see from the repricing and expanded size that people are very committed to facebook. but wake-up call, gm pulling $10 million off the table for advertising for facebook? i think you need to have a think-again about just how effective facebook is compared to google when you want to get out and speak to the market. back to you, willie. geoff cutmore, covering a lot of ground
from the besieged arab red crescent. western diplomats say that iran is trying to clean up something at its military base. inspectors believe the site may have been used to test triggers for nuclear bombs. this is what a solar flair looks like up close. the flair erupted and was captured by scientists in this dramatic video by nasa. we should be feeling its effects today as radiation distorts the magnetic field possibly disrupting the gps signals. those are the headlines from cnn. i m juanita raj paul. world business today starts now. good morning from cnn london, i m nina dos santos. and a very good afternoon from cnn hong kong, i m andrew stevens. welcome to world business today. the top stories this thursday, a boom town in the midst of devastation. we ll tell you about a japanese city doing brisk business as its neighbors struggle to rebuild. the deadline for the greek debt swap is fast approaching. the signs so far are good as people sign up to push the dea