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Is Sri Lanka’s economic crisis a canary in the coal mine?
Behind the Money
What Is a Debt Deficit in Sri Lanka?
Sulanka owes more than half of its foreign debts to multilateral agencies like the world bank and other development banks. The biggest of all is china, or the various lenders that lend money from china. Once you default on a bond, an your rating goes into default - which means any asset manager managing other people's money can't buy your bonds. And it just means you don't have access to commercial credit for however long it takes to work it out.
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