Sponsored
Sri Lanka, in its preparation for its difficult game of debt restructuring, it has taken the help of the giant legal firm Lazard & Clifford Chance as legal advisors.
This is the latest move made on behalf of Sri Lanka after it had declared itself as default for the first time ever.
While there is hope that a solution may be reached to alleviate the economic crisis, it is unlikely to be simple. A combination of loans from China, India, and Japan, as well as all bonds owned by private investment funds, suggests that long-resisted but now welcomed negotiations with the International Monetary Fund (IMF) might be complicated, particularly if social unrest escalates.
Advertisement