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The uprising in Sri Lanka is underpinned by the government defaulting on their debt, a result of >20% inflation and poor economic output and outlook.
This may only be the beginning of social unrest globally as governments around the world face credit problems.
Bloomberg has a great table showing some key metrics for those nations under considerable credit stress. El Salvador is next in line with a high debt:GDP ratio and default swaps pricing a high risk of incoming default.
Stay tuned.
It seems bad, bitcoin adoption would not help much in this situation
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Bitcoin won't save the states debt problem, especially in developing countries. There will be pain.
Luckily the people of these countries have Bitcoin, so the people have a viable Lifeboat. Plus, they are dollarized so their currency will not hyper inflate the way that Sri Lanka's and other foreign states did/will.
Before Bitcoin can provide any lasting help, the forest must burn.
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There is a Bloomberg article which links to the table, however that table is for Bloomberg Professional (Bloomberg Terminal) subscribers only:
The article is:
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On Mastodon / Pleroma (Fediverse), follow @NBS@noagendasocial.com
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