Sri Lanka announces default on its entire $51 billion foreign debt

Sri Lanka announced on Tuesday that it had defaulted on its $51bn foreign debt, in what the crisis-hit nation called a “last resort” after running out of foreign currency to import desperately needed goods. The island nation is grappling with its worst economic downturn since independence, with regular blackouts and severe food and fuel shortages. … Read more

The clock is ticking as Russia faces an almost inevitable default

Russia is facing its first sovereign external default in more than a century after it arranged to make an international bond payment in rubles last week, even though the payment was due in US dollars. The credit rating agency Standard & Poor’s (S&P) on Saturday downgraded Russia’s foreign currency ratings to “selective default” amid rising … Read more