News Forum - Sri Lanka petroleum company in extreme debt, country hitting “rock bottom”

[Thaiger]

Sri Lanka’s economic crisis is snowballing even further. The island nation’s PM Ranil Wickremesinghe said Sri Lanka might be falling to “rock bottom” now that its major petroleum corporation is in extreme debt. He said that because of the debt, no other countries are willing to provide Sri Lanka with fuel. “Currently, the Ceylon Petroleum Corporation is $700 million in debt…As a result, no country or organization in the world is willing to provide fuel to us.” Although Sri Lanka has been trying to keep its head above water with US$4 billion in credit lines from India, PM Ranil says […]

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[joseph]

So when the Sri Lankan government decided in 2002 to build a new port in Hambantota, China offered $1.1 billion in loans. It also supplied Chinese contractors. And when the port opened in late 2010 and immediately began losing money — so much that Sri Lanka couldn't even make interest payments on those loans — China offered a solution: foreclosure. I hope Cambodia is watching,...opps too late............... in both Thai and English

[EdwardV]

Canary in a coal mine. As the world enters recession, and begins to decouple from the end of globalization, this scene will play out over dozens of countries.