From Gulf News, April 12:
The island nation is grappling with its worst economic downturn since independence
Colombo: Crisis-stricken Sri Lanka defaulted on its $51 billion external debt on Tuesday, calling the move a "last resort" after running out of foreign exchange to import desperately needed goods.
Sri Lanka's finance ministry said in a statement that creditors, including foreign governments, were free to capitalise any interest payments due to them from Tuesday or opt for payback in Sri Lankan rupees.
"The government is taking the emergency measure only as a last resort in order to prevent further deterioration of the republic's financial position," the statement said....
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