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Sri Lanka’s collapse: a historic cascade of defaults coming for emerging markets

Tue, 12 Jul 2022

Sri Lanka’s collapse: a historic cascade of defaults coming for emerging markets
Sri Lankan police officers guard the central police station in Colombo as the country suffers a sovereign debt crisis. (Image: Getty)
Tue, 12 Jul 2022
(Bloomberg) -- Emerging markets are under pressure from rising debt, slowing growth and soaring yields. Russia’s first-in-a-century external default, coming hard on the heels of Sri Lanka’s failure to pay, has contributed to the sense of impending crisis. Who might be next? Bloomberg Economics’ scorecard finds El Salvador, Ghana, Egypt, Tunisia and Pakistan to be the most vulnerable. A quarter-trillion dollar pile of distressed debt is threatening to drag the developing world into a historic cascade of defaults....

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