Sri Lanka Meltdown: Can New Prime Minister Save The Country From Bankruptcy? | Insight

Sri Lanka is on the brink of bankruptcy. A country of 22 million people once referred to as a ‘Tropical Island Paradise’ is now in a free fall. It has defaulted on all foreign debts. Its access to international financial markets has been cut off. The rupee has gone into a tailspin, and there’s now spiraling inflation. Cities and towns are submerged in darkness for hours, with no fuel to produce electricity. Cooking gas, medicines, milk powder and other essential commodities are all in short supply.

Prime Minister Mahinda Rajapaksa and his entire cabinet have resigned amidst protests and violence in the streets. Can veteran politician Ranil Wickremasinghe who has just taken over as the new prime minister steer the country’s sinking ship to safer shores? And how could a nation slide into disaster and chaos so fast?

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