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The first part of the article about how Sri Lanka would get foreign currency (swap, export or borrow) almost completely ignores the well documented devastation
by walrus01 4y ago
The first part of the article about how Sri Lanka would get foreign currency
(swap, export or borrow) almost completely ignores the well documented devastation of the tourist industry, where people bring euros or dollars, due to covid19 and shutdowns of travel.
Yes I suppose it falls into the category of swap, because people bring euros and exchange them for local currency to buy local goods and services. But it was a big part of the "swap" that vanished for 2+ years.
- thematrixturtle 4y agoIt's mentioned later in the article, and while it's certainly a factor, there are a lot of other countries with an even larger dependence on tourism (Maldives, Fiji, Thailand, etc) that did not suffer a full blown economic crisis as a result.
- belltaco 4y agoThe big reason why is this https://en.wikipedia.org/wiki/2019_Sri_Lanka_Easter_bombings https://en.wikipedia.org/wiki/2019_Sri_Lanka_Easter_bombings https://en.wikipedia.org/wiki/2019_Sri_Lanka_Easter_bombings#Economic https://en.wikipedia.org/wiki/2019_Sri_Lanka_Easter_bombings...
- strix_varius 4y agoThis was also discussed in the article.
- oblio 4y agoHow dare you! We don't read articles over here!
- worik 4y agoI do not know about Maldives, but Fiji and Thailand still have their community connections. Family ties going back a long way. I think that helps a lot.
- aluminaient 4y agoHavent had a crisis yet*
- batushka3 4y agoAnd terrorists do not forget
- amacneil 4y agoTourism is an export. There might be some forex involved, but that is true of imports too.