Sri Lanka’s Political Turmoil Sows Worries

COLOMBO, Sri Lanka (AP) – Bankruptcy has forced Sri Lanka’s government to a near standstill. The once-beloved and now reviled former president fled to Singapore before resigning. The acting president and prime minister is seen as his proxy and opposed by angry crowds. Parliament is expected to elect a new leader Wednesday, but it’s unclear if that’s enough to placate a furious nation that has grown disillusioned with politician of all stripes. The International Monetary Fund is monitoring the situation closely, but any bailout package will be contingent on Sri Lanka’s debt-restructuring strategy and political stability. The government owes $51 billion in debt and is unable to make payments on its loans. Its currency has collapsed by 80%, making imports more expensive and worsening inflation.