Sri Lankan prime minister says that the
nation's economy has collapsed
Associated Press,
by
Krutika Pathi *
Original Article
Posted By: Dreadnought,
6/23/2022 11:10:33 PM
Colombo, Sri Lanka — Sri Lanka's debt-laden economy has "collapsed" after months of shortages of food, fuel and electricity, the prime minister told lawmakers Wednesday in comments that underscored the country's dire situation as it seeks help from international lenders.
Ranil Wickremesinghe told Parliament the South Asian nation faces "a far more serious situation" than the shortages alone, and he warned of "a possible fall to rock bottom."
"Our economy has completely collapsed," he said.
The crisis on the island of 22 million is considered its worst in recent memory, but Wickremesinghe did not cite any specific new developments.
Reply 1 - Posted by:
Omen55 6/23/2022 11:37:12 PM (No. 1195005)
Thank you, Captain Obvious.
9 people like this.
Reply 2 - Posted by:
velirotta 6/23/2022 11:38:59 PM (No. 1195007)
It's a tough situation for the people, but this article offers nothing specific about why the country got into such a fix. For example, where did all the money go?--that is, whose pockets got it all?
27 people like this.
Reply 3 - Posted by:
Quigley 6/23/2022 11:49:11 PM (No. 1195015)
Talk to huncher bidet about a US government “loan.” (Do you appreciate art?). Or get another country to invade your country. We’re RICH!! We’ll send ya $$$$billions- along with some of those glasses that have $$$ for the lenses.
16 people like this.
Reply 4 - Posted by:
stablemoney 6/23/2022 11:54:53 PM (No. 1195021)
The country elected leftist leaders that know nothing about economics. Everything was free. Now the bills are due, and there is no money.
35 people like this.
Reply 5 - Posted by:
Birddog 6/24/2022 12:27:24 AM (No. 1195039)
formerly known as Ceylon and now officially as the "Democratic Socialist Republic of Sri Lanka"
22 people like this.
Reply 6 - Posted by:
Dodge Boy 6/24/2022 12:40:54 AM (No. 1195044)
Ranil, America seems to be right behind Sri Lanka thanks to our leadership or lack thereof.
17 people like this.
Reply 7 - Posted by:
DVC 6/24/2022 12:57:23 AM (No. 1195059)
Crazed leftists do it again.
19 people like this.
Reply 8 - Posted by:
GoodDeal 6/24/2022 1:12:17 AM (No. 1195072)
Not to worry Ranil. Biden Pelosi and Schumer will see to it that billions of $'s in foreign aid will be on the way soon, to shore up your personal offshore bank accounts.
14 people like this.
Reply 9 - Posted by:
MindMadeUp 6/24/2022 1:22:09 AM (No. 1195078)
The AP doesn't like it, but a big part of Sri Lanka's problem is they tried to be green by going all organic and banning fertilizer, etc. It was a disaster:
https://foreignpolicy.com/2022/03/05/sri-lanka-organic-farming-crisis/
37 people like this.
Reply 10 - Posted by:
DVC 6/24/2022 1:32:53 AM (No. 1195085)
All the usual causes, all the usual suspects.
25 people like this.
Reply 11 - Posted by:
Birddog 6/24/2022 1:40:46 AM (No. 1195087)
It wasn't just the going Green aspect...they also went deeeep into debt/deficit with Major "Infrastructure spending plans", much of that debt to china...their three closest allies are China, Russia, Pakistan., though their 3 biggest trade partners are China, India and the USA..
Proving the old adage..."The problem with socialism is that sooner or later you run out of Other Peoples Money", they managed to achieve the highest education/literacy rates in Asia, highest income/standard of living, best healthcare systems...but the massive costs led to the Bills finally coming due. Much as it did in Venezuela.
20 people like this.
Reply 12 - Posted by:
bpl40 6/24/2022 1:55:14 AM (No. 1195089)
The bottom line is - the bills finally came due. As they always do. It’s amazing to see our ‘Rat Party ignoring all warning signs and serenely going forward. Suggestion to Srilankans - hire Bernie as President!
11 people like this.
Reply 13 - Posted by:
Rinktum 6/24/2022 4:33:25 AM (No. 1195113)
The country made bad choices. Embracing leftist policies always ends in the same way, total collapse of your economy. The fact that these socialist policies are still being promoted is insane. Time after time they are proven to be destructive and people suffer. Yet, here we are today and socialism or some form of it is being pushed around the world. You’d think that some evil genius was behind all this turmoil. Why do fairly intelligent people insist on giving this failed political strategy any credence whatsoever? It has never worked as promised and ends in disaster, violence and death. Why are so many countries willing to give it a shot with its proven record of failure? It just boggles the mind.
22 people like this.
Reply 14 - Posted by:
Ida Lou Pino 6/24/2022 6:24:10 AM (No. 1195156)
Three simple things will make Sri Lanka (a/k/a/ Ceylon) prosperous again - -
- - socialism, windmills, algae.
Easy-peasy.
13 people like this.
Reply 15 - Posted by:
HPmatt 6/24/2022 6:32:32 AM (No. 1195161)
They need to build a cricket food factory. Eco-friendly and Prince Charles would approve - both a sport and a bio-food.
14 people like this.
economies dont collapse - policies collapse them
15 people like this.
Reply 17 - Posted by:
TLCary 6/24/2022 8:22:36 AM (No. 1195266)
Socialism... you run out of other people's money. Then? Beg Capitalist countries to give you more; repeat. I wonder how many billions of dollars America will be flying over to them on a fixed schedule for the rest of eternity... or until OUR economy has collapsed.
11 people like this.
Reply 18 - Posted by:
Strike3 6/24/2022 8:27:58 AM (No. 1195275)
Joe did that.
3 people like this.
Reply 19 - Posted by:
planetgeo 6/24/2022 8:35:28 AM (No. 1195288)
I wouldn't spend too much time pontificating about all the things they did wrong...because the U.S. has been doing pretty much all the same things. But bigger. Much bigger. What exactly do you think will happen here that's different?
It's only a matter of when.
14 people like this.
Reply 20 - Posted by:
F15 Gork 6/24/2022 8:38:50 AM (No. 1195291)
Next stop, America.
9 people like this.
Reply 21 - Posted by:
mobyclik 6/24/2022 8:49:05 AM (No. 1195309)
Sigh! How much is this one going to cost us?
3 people like this.
Reply 22 - Posted by:
MDConservative 6/24/2022 10:12:15 AM (No. 1195397)
Sri Lanka is a member of the British Commonwealth. Seems they have a problem to solve. Why is the US Treasury sending anyone there? Her Majesty has ministries full of bureaucrats to "help".
7 people like this.
Reply 23 - Posted by:
Zigrid 6/24/2022 10:24:33 AM (No. 1195416)
This is what happens when incompetence and greed is allowed to flourish in a country...God grant that WE never have to endure more incompetence from the democrats...or WE're heading in the same direction...
2 people like this.
Reply 24 - Posted by:
ROLFNader 6/24/2022 10:30:32 AM (No. 1195427)
Looks to me like it's a productivity issue. By the time you sign your last name on a document, the workday is over.
1 person likes this.
Reply 25 - Posted by:
DVC 6/24/2022 11:20:39 AM (No. 1195526)
Re #11. A portion of the ecodisaster was a response to the leftists borrowing the country into bankruptcy so that they had great difficulty purchasing the fertilizers needed to keep food production high enough to prevent starvation.
One leftist political disaster leads to another leftist ECO-political disaster. And soon enough, when leftists take over, the people are starving in poverty.
Every.
Single.
Time.
3 people like this.
Reply 26 - Posted by:
Island Life 6/24/2022 6:27:11 PM (No. 1195983)
Is your debt bigger than ours? No? Then shut up.
0 people like this.
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