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Subscriber Comments
Sri Lanka Falls Into Default For The First Time Ever
Tighter global credit brought about by a litany of factors -- Federal Reserve interest rate hikes, soaring commodity costs, the war in Ukraine -- have had a devastating effect on the low-income country, which is the biggest sovereign issuer of junk dollar bonds in Asia. And all that’s after the pandemic reduced tourism earnings by more than three quarters.
Rising dollar, higher interest rates, and growing global shortages cause the first international default. Sri Lanka is the first of many emerging market economies to default.
Civil unrest will become the norm.
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