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Which countries had their debt defaulted (failed to pay their foreign bondholders) in 2022?

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Which countries had their debt defaulted (failed to pay their foreign bondholders) in 2022?

Sri Lanka was the first nation to stop paying its foreign bondholders in May 2022. Russia followed in June due to sanctions the West laid amid the Ukraine war. El Salvador, Ghana, Egypt, Tunisia, and Pakistan are currently considered vulnerable to default but have not yet failed to pay their foreign bondholders.

What happened in Sri Lanka?

On July 9, 2022, Sri Lanka’s prime minister Ranil Wickremesinghe and President Gotabaya Rajapaksa agreed to resign after protesters stormed their residences and set fire to one. According to official data, Sri Lanka’s currency has collapsed by 80% since 2019, making imports more expensive, with food costs rising 57%.

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