Sri Lanka paid a US$1 billion bond last week, but the alarming state of its finances suggests it may have been just another step towards its first sovereign default.
All the tell-tale crisis signs are there: bonds at nearly half their face value, debt-to-GDP levels above 100 percent, over 80 percent of government revenues being spent on interest payments alone and barely enough reserves to cover a few months of spending.
Malaysia is heading there too....
If we are not careful this could be the fate of Malaysia too.
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