We look at the looming possibility of a global recession amid rising inflation, the pandemic and the Russian war in Ukraine. World financial institutions and wealthier countries should take stronger actions such as writing off debts that are crippling developing nations, says Jayati Ghosh, economics professor at the University of Massachusetts Amherst. “This is just completely lack of political will. It’s not because we don’t know what to do.” Her piece in The Guardian is headlined “There is a global debt crisis coming — and it won’t stop at Sri Lanka,” and she also discusses other countries on the brink of an economic collapse, including Pakistan, Nepal, Nigeria, Ethiopia, Panama and Argentina. Democracy Now! is an independent global news hour that airs on over 1,500 TV and radio stations Monday through Friday. Watch our livestream at https://democracynow.org Mondays to Fridays 8-9 a.m. ET. Support independent media: https://democracynow.org/donate Subscribe to our Daily Email Digest: https://democracynow.org/subscribe
“But to watch cricket, there has to be a country left for us to watch it in, no?” A fan at the Galle Test Match that ended with an innings victory for Sri Lanka. July 11, 2022
Spirits were high on July 11 when the Sri Lankan cricket team beat the visiting Aussies by an innings even though the country was in its worst economic crisis ever, due to a lack of Dollars to buy fuel caused by an international Sovereign Bond (ISB), debt trap and Staged Default.
“But to watch cricket, there has to be a country left for us to watch it in, no?”A fan at the Galle Test Match that ended with an innings victory for Sri Lanka. July 11, 2022.
Spirits were high on July 11 when the Sri Lankan cricket team beat the visiting Aussies by an innings even though the country was in its worst economic crisis ever due to a lack of Dollars to buy fuel caused by an International Sovereign Bond (ISB), debt trap and Staged Default.
The cricket victory followed a magical weekend in which the Aragalaya, or peoples’ struggle, exceeded all expectations, staging multiple coups to peacefully claim both the Presidential Palace and the Prime Minister’s official residence. Massive waves of protestors unseated the island’s President and PM without a single person killed in the gunfire. Later the protestors cooled off in the Presidential pool and had impromptu concerts celebrating what appeared to be a successful regime change operation.
Orcadian’s NOTES in response to Benjamin Norton’s Revelatory Essay on the Sources of Debt faced by Sri Lanka
A =“NORTON’S article needs to be tattooed on the brains of every mindless Western journalist, every Western academic, everyone at the BBC, over the brains of Mike Pompeo, over Abe’s tombstone, over Morrison and Turnbull’s brain and over the Sri Lankans who repeatedly lie or fail to acknowledge that the vast majority of debt Sri Lanka owes is to the West, not to China. There was NEVER a China debt trap. That was a false narrative propagated by Western interests to disguise the true picture about the vast US and Western debt trap.”
Benjamin Norton, in Multipolarista, July 12 July 2022 where the title reads thus “Real debt trap: Sri Lanka owes vast majority to West, not China” ... with highlighting emphasis in colours imposde by the Editor, Thuppahi
Sri Lanka owes 81% of its external debt to US and European financial institutions and Western allies Japan and India. China owns just 10%. But Washington blames imaginary “Chinese debt traps” for the nation’s crisis, as it considers a 17th IMF structural adjustment program.
STATEMENT ON THE CRISIS IN SRI LANKA. Southern Voices to be Heeded: A Call for Debt Justice, Debt Jubilee and Debt Cancellation
The Coalition for Economic Democracy in Sri Lanka (CEDSL) is a group of concerned academics, activists, agricultural, fisheries and industrial workers, students, business persons, trade unionists, and professionals based ‘in country’ and overseas, including the diaspora, who uphold the values of economic rights and justice in public policy making.
Thuppahi's Blog · This web site presents the interventions of MICHAEL ROBERTS in the public realm with reference to Sri Lankan political affairs. It will embrace the politics of cricket as well. ROBERTS was educated at St. Aloysius College in Galle and the universities of Peradeniya and Oxford. He taught History at Peradeniya University and Anthropology at Adelaide university. He is now retired and lives in Adelaide.