Sri Lanka has a total debt of more than $83 billion (€76 billion) , of which $41.5 billion (€37 billion) is foreign and $42.1 billion is domestic. The island nation is now seeking to reduce half of it’s local debt through a restructuring program. Following the cabinet approval for the plan, the county has begun a five-day bank holiday from today to restructure its domestic debt. This is to ensure that financial markets remain closed and also to prevent any bank runs that could be triggered by the changes. The Central Bank of Sri Lanka announced a far-reaching debt restructuring plan, as the country is struggling to come out of the worst economic crisisin its history. DO you think that the country will get out of this crisis any sooner ?
