Sri Lanka Defaults On Its Debt Amid Economic Crisis

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Sri Lanka has defaulted on its debt for the first time in its history as the country struggles with its worst financial crisis in more than 70 years.   It comes after a 30-day grace period to repay $78 million of unpaid debt interest payments expired on Wednesday.   The governor of Sri Lanka’s central bank said the country was now in a pre-emptive default.   Defaults happen when governments are unable to meet some or all of their debt payments to creditors.