Foreign debt write-off – throwing away millions of dollars and limping along for two years

It is revealed that although Sri Lanka has spent millions of dollars seeking the support of legal and financial advisors, no progress has been made so far. Sri Lanka has been declared bankrupt and cannot pay its foreign debts or restructure those debts.
In particular, two consulting firms were assigned to restructure around $13 billion of international sovereign bonds acquired at high-interest rates. Lazard and Clifford Chance are appointed as these legal and financial intermediaries. However, several financial institutions, including the Hamilton Reserve Bank of America, have filed a lawsuit in the New York Federal Court of America for the recovery of the debt that Sri Lanka has received.
Hundreds of thousands of dollars are being spent to deal with these lawsuits.

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