Summary
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. Global financial institutions say debt is at the highest level in decades and about 60 percent of low-income countries are now in, or at risk of, debt distress. As interest payments come due in the later half of 2023, are we going to see a string of defaults leading to a global financial contagion?...
