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Crisis-Hit Sri Lanka Defaults On Debt As It Runs Out Of Fuel
Crisis-Hit Sri Lanka Defaults On Debt As It Runs Out Of Fuel
There’s no money to buy petrol, the crisis-hit Sri Lankan government said Wednesday as it urged citizens to “not to wait in line” for fuel, and following violent protests in the streets, which started in early April in the capital of Colombo and quickly spread across the country due to soaring prices amid food and other essential resource shortages like medicine.
On Tuesday the new prime minister, Ranil Wickremesinghe, declared in a television address that Sri Lanka was down to it’s “last day of petrol” amid the most severe crisis in over seven decades. He said the country would need an immediate bail-out of at least $75 million of foreign currency just to cover the next few days of essential imports.
Following the development, Reuters wrote “Sri Lanka is expected to be placed into default by rating agencies on Wednesday after the non-payment of coupons on two of its sovereign bonds.”
It’s predicted to be just the beginning of a historic default on a total $12.6 billion of overseas bonds – the first such since the small country’s independence from Britain in 1948, amid a continued spiral of runaway inflation and foreign exchange squeeze fueled by lack of dollars.
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The Fuel Shortage in Venezuela Will Lead to Starvation
The Fuel Shortage in Venezuela Will Lead to Starvation
Dear readers, those who already know me are aware I used to write about confirmed facts we all care about as preppers. At this point in my life I hardly can be considered a prepper, though. A survivor? Sure. I’ve been in much better conditions (as I have mentioned earlier in previous articles) than other migrants. Always had a roof and something to eat, and could buy my kiddo a good meal every now and then and even an ice cream, cookies and the occasional chocolate when he asked for it. Maybe I have not eaten a grilled steak every two days, but I haven’t starved. Have I seen myself rationing? Sure. At least I have something to ration. I know I have been a little…disperse. I have realized that facing with a reality you had only had imagined in your worst scenario fantasies, is harder than I thought. That´s why I´ve been trying to recover myself, and getting used to the quite grim possibility of death far away from my homeland.
This said, I received a few audios about a situation that is presenting given the scarcity of gasoline that has already impacted the food supply. The person sending me these materials is reliable, and informed me that indeed that happened.
There’s a fuel shortage in Venezuela
The local majors, governors, and uniforms have confiscated the fuel, and they sell them in dollars, for their own personal profit. This way they are bypassing tax controls, impeding the audit, and pocketing all the money they collect. They are trafficking with the fuel, and this brings along two consequences.
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