News Forum - Sri Lanka PM tells bankrupt nation to prepare for ‘difficult journey’

[Thaiger]

The Sri Lanka prime minister told the nation to prepare for “a difficult and bitter journey” as he declared the country bankrupt and prepared to approach the International Monetary Fund for a loan. PM Ranil Wickremesinghe yesterday declared Sri Lanka “bankrupt” before making public that he had approached the IMF to figure a way out of the nation’s worst financial crisis in years. “We are now participating in the negotiations as a bankrupt country. Therefore, we have to face a more difficult and complicated situation than in previous negotiations. “Due to the state of bankruptcy our country is in, we […]

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[HolyCowCm]

Good luck to them, but they may need total reform cleaning the house and backing away from the CCP.

[dbrenn]

I saw a documentary on Sri Lanka. Very sad what's happening there with people hitting extreme poverty.

[MikeW]

Don't look like he has missed any meals 

[EdwardV]

8 minutes ago, MikeW said:

Don't look like he has missed any meals 

To be fair, he's the guy who took over for the guy who ran the country into the ground. You have to feel for them as Sri Lanka is going to have a very long and hard climb out of this hole. Their economy is mostly tourism, with textiles and some agriculture products thrown in. They have no money and tourism isn't coming back for them anytime soon. They can't pay their existing loans and have little chance to pay back any new loans. If they can't get the existing lenders to take a HUGE haircut (yes that means you too China), and restart their economy, they will become a failed state.  

Canary in a coal mine. 

[HiuMak]

Sri Lanka was once beautiful and great. Sad case now

[Noble_Design]

Those who peddle the "China is the cause" of this problem for Sri Lanka really need to get their heads out of their buttocks once in a while

https://www.dw.com/en/sri-lankas-foreign-debt-default-why-the-island-nation-went-under/a-61475596

[Bill_Koomers]

Was a helluva 2 weeks looks like, they've certainly flattened their curve. I wonder if the western pensioners will respond like the Sri Lankans did, when their monthly checks get turned off? 

Edited July 7, 2022 by Bill_Koomers