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Sri Lanka (formerly Ceylon) is an island nation sitting off the southeast coast of India. Its government finally collapsed on July 10, which is the prophetic type of the Day of Atonement (7/10). There is little doubt that Sri Lanka has defaulted on its debt, although there has been no formal announcement of this yet. It appears that they are getting their Jubilee the hard way.
Hundred of thousands of protestors in the streets of the capital city. The prime minister’s house set on fire. Food shortages so dire that civil servants are getting extra time off to grow their own.
Those are just some of the scenes playing out in Sri Lanka, where the country’s two top politicians—Prime Minister Ranil Wickremesinghe and President Gotabaya Rajapaksa—agreed to resign Saturday. An economic “collapse” has jeopardized the lives of 22 million.
These politicians were scheduled to resign on Wednesday, but things got so bad that they tried to flee the country on Monday. The airport staff blocked their departure when they refused to go through the Immigration department like everyone else.
One might think that the collapse of a small country like Sri Lanka would have no effect on the rest of the world—especially America. But the country is almost certain to default on its $51 billion foreign debt, which is supposed to be paid in foreign currency. It has no foreign reserves, and its own currency is fast becoming worthless.
It is unlikely that the creditors will ever get paid back. This could have a ripple effect in other countries if banks become insolvent. The banks are all tied together. If other countries default as well, the cumulative effect could cause a chain reaction and bring down the whole system.