ROBOCOP 2: Is it plausible for a company to overturn a government IRL?

[nickyskc]

In the near future, the city of Detroit is on the verge of bankruptcy after failing to pay off its debts to conglomerate Omni Consumer Products (OCP). In a scheme completely under their control, the company's Chairman intends to have the city default on its debt, then foreclose on all public property, effectively taking over its government. (from wikipedia)

1) Is the above actually plausible and possible in real life even in the future?

2) What if it was the Chinese government being taken over by a Russian mega-corporation (trading within China)? Let's say there was a national crisis and massive economic collapse and the Russian corp bailed the the government out by loaning the government money to rebuild.

3) Does it make a difference if the Russian corporation is private or public?

I ask cos I'm trying to write a screenplay. Is the above similar to Umbrella Corp in Resident Evil.