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Sri Lanka

Broke, downgraded and begging: Sri Lanka pays price for missteps

South Asian nation's economic crisis draws comparisons with Lebanon's meltdown

BANGKOK -- Sri Lanka's failure to settle interest payments on sovereign bonds and its subsequent ratings downgrade have drawn unflattering comparisons with the economic meltdown in Lebanon.

The South Asian nation on April 18 failed to pay interest of $78.13 million on $1.25 billion of bonds. Standard & Poor's followed up this week with a downgrade to a "selective default" rating -- the latest knife in the back of the debt-ridden economy.

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