A long-escalating fiscal crisis has forced Sri Lanka to announce a default on all its outstanding foreign debt, running to $51 billion. The move is “a last resort in order to prevent a further deterioration of the Republic’s financial position,” the finance ministry said today (April 12).Under the Rajapaksa family—the president, Gotabaya, and his brother, Mahinda, who’s prime minister—Sri Lanka has plunged into dire times: shortages of food and fuel, power cuts lasting half a day or more, inflation touching 20%. For weeks, protesters have been trying to force them to quit.Foreign reserves were drained down to $1.9 billion by the end of March—enough to pay for just a month of imports, but far
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