Sri Lanka Warns The Crisis Will Worsen As Petrol Stations Run Dry And A Default On Their Sovereign Debt To Be Announced

 

Times Of India: Crisis-hit Sri Lanka to default on debt, minister says no money to buy petrol: Key developments 

NEW DELHI: Shortage of petrol, medicines, foreign reserves, cooking gas and other essentials has put once-booming Sri Lanka is in a mess. The island nation is going through the worst economic crisis since independence in 1948, and power cuts and soaring food prices have just added to the misery of its people. 

The economic crisis also triggered a political crisis in Sri Lanka and a demand for the resignation of the powerful Rajapaksas. 

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Update: Sri Lanka can’t find cash to pay even one ship for petrol (Bloomberg).  

Update #2: Crisis-Hit Sri Lanka Defaults On Debt As It Runs Out Of Fuel (Zero Hedge)  

WNU Editor: This is making the crisis worse .... Sri Lanka faces ‘man-made’ food crisis as farmers stop planting (Al Jazeera).  

Update #3: I concur with this analysis .... Analysis-More Pain in Sri Lanka Before Any Resolution to Crisis (Reuters).