Birmingham, Europe's Largest Authority, Declares Bankruptcy

BIRMINGHAM, ENGLAND - SEPTEMBER 06: Children play in the fountains of Centenary Square after the city council declared its financial challenge on September 06, 2023 in Birmingham, England. Birmingham City Council, Europe's largest local authority, will cease all spending except for essential services mandated by law, like social care and waste collection, after declaring bankruptcy following a budget shortfall of £87 million this year. The Labour-run council attributed its financial challenges to a £760 million bill for equal pay claims and the implementation of an IT flagship system that allegedly incurred costs of £100 million. (Photo by Christopher Furlong/Getty Images)