When Sri Lanka defaulted on its foreign debt for the first time in its history in 2022, it sparked fears of more sovereign defaults to come. We look at the human cost when a country goes bankrupt, trace how so much bad debt was created and investigate the so-called debt traps. Sri Lanka has pinned its immediate hopes on a multi- billion-dollar bailout deal with the International Monetary Fund. But can it change its economic course and avoid another bailout or default in future?
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