Sri Lanka announces default on all its $51 billion external debt: What does this mean?

Sri Lanka has announced default on all its external debt worth $51 billion, calling the move a "last resort" after running out of foreign exchange to import essential goods. 



source https://www.jagranjosh.com/current-affairs/sri-lanka-defaults-on-all-its-51-billion-external-debt-what-does-this-mean-1649757420-1

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