{"id":44318,"date":"2022-05-10T03:09:12","date_gmt":"2022-05-09T18:09:12","guid":{"rendered":"https:\/\/www.theguardian.com\/world\/2022\/may\/09\/sri-lanka-is-the-first-domino-to-fall-in-the-face-of-a-global-debt-crisis"},"modified":"2022-05-10T03:09:12","modified_gmt":"2022-05-09T18:09:12","slug":"sri-lanka-is-the-first-domino-to-fall-in-the-face-of-a-global-debt-crisis","status":"publish","type":"post","link":"https:\/\/eastasianews.net\/wp\/?p=44318","title":{"rendered":"Sri Lanka is the first domino to fall in the face of a global debt crisis"},"content":{"rendered":"<p>The south Asian country is the first to buckle under economic pressures compounded by Russia\u2019s war on Ukraine, but it won\u2019t be the last<\/p>\n<p>The departure of Sri Lanka\u2019s prime minister, <a href=\"https:\/\/www.theguardian.com\/world\/2022\/may\/09\/sri-lanka-ruling-party-supporters-storm-protest-site-in-colombo\">Mahinda Rajapaksa<\/a>, follows weeks of protest and a deepening crisis. There is no bankruptcy system for states but if there was then the south Asian country \u2013 down to its last $50m (\u00a340m) of reserves \u2013 would be first in line to use it.<\/p>\n<p>A team from the International Monetary Fund (IMF) this week started work with officials in Colombo over a bailout that will include a tough package of reforms as well as financial support. But as the <a href=\"https:\/\/www.theguardian.com\/business\/imf\">IMF<\/a> and its sister organisation, the World Bank, know full well, this is about more than the mismanagement of an individual country. They fear <a href=\"https:\/\/www.theguardian.com\/world\/srilanka\">Sri Lanka<\/a> is the canary in the coalmine.<\/p>\n<p> <a href=\"https:\/\/www.theguardian.com\/world\/2022\/may\/09\/sri-lanka-is-the-first-domino-to-fall-in-the-face-of-a-global-debt-crisis\">Continue reading&#8230;<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The south Asian country is the first to buckle under economic pressures compounded by Russia\u2019s war on Ukraine, but it won\u2019t be the lastThe departure of Sri Lanka\u2019s prime minister, Mahinda Rajapaksa, follows weeks of protest and a deepening crisis. Ther&#8230;<\/p>\n","protected":false},"author":3058,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"sns_share_botton_hide":"","vkExUnit_sns_title":"","_vk_print_noindex":"","sitemap_hide":"","_veu_custom_css":"","veu_display_promotion_alert":"","vkexunit_cta_each_option":"","footnotes":""},"categories":[6,2507,437,221,558,1333,419,61,674,930,985,42],"tags":[],"class_list":["post-44318","post","type-post","status-publish","format-standard","hentry","category-business","category-debt-relief","category-economics","category-europe","category-global-economy","category-international-monetary-fund-imf","category-russia","category-south-and-central-asia","category-sri-lanka","category-ukraine","category-world-bank","category-world-news"],"aioseo_notices":[],"veu_head_title_object":{"title":"","add_site_title":""},"_links":{"self":[{"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=\/wp\/v2\/posts\/44318","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=\/wp\/v2\/users\/3058"}],"replies":[{"embeddable":true,"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=44318"}],"version-history":[{"count":1,"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=\/wp\/v2\/posts\/44318\/revisions"}],"predecessor-version":[{"id":44319,"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=\/wp\/v2\/posts\/44318\/revisions\/44319"}],"wp:attachment":[{"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=44318"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=44318"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=44318"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}