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South Asia Debt Woes Evoke Fears of Another 1997-Style Crisis
Back then, Thailand’s devaluation led to a global market collapse. A sequel might be in the works.
16 Aug 2022, 10:00 AM IST
(Bloomberg Businessweek) -- Pakistan is scrambling for a bailout to avert a debt default as its currency plummets. Bangladesh has sought a preemptive loan from the International Monetary Fund. Sri Lanka has defaulted on its sovereign debt and its government has collapsed. Even India has seen the rupee plunge to all-time lows as its trade deficit balloons.
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