Why did Sri Lanka default on its debt of 51 billion dollars?
Recent days Sri Lanka has been in crisis and today things have gotten so bad that they have declared default on the national debt. So what happened? Why is this country insolvent? Let's find out with 5 minutes in this video. Angry people in Sri Lanka tried to attack the presidential palace and were responded by police with water cannons and tear gas, social media sites were banned and curfews were declared across the country. Before that, thousands of people took to the streets to protest in anger as the country fell into a state of fuel and food shortages, it can be said that Sri Lanka's economy is in a serious crisis. More specifically, in February, Sri Lanka's foreign currency reserves were only 2.3 billion USD, compared to January it decreased by 70%, with a small amount of foreign currency Sri Lanka could only import goods to meet the needs of the people within a month. It is worth mentioning that the import demand of this country is extremely large, even basic a...
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