The massive increase in the country’s foreign debt and its huge debt servicing costs are a severe burden on the economy. They are a severe strain on the public finances and external reserves of the country.
Workers of the world – or at least in Sri Lanka – ‘Divide’. The rallying call of the International Workers, from the barricades as they romantically say, for workers of the world to ‘Unite’ is now a thing of the past. The interests of the working class have been submerged by the interests of the political class.
The world was shaken up this week with the leaks of the ‘Panama Papers’ exposing the financial shenanigans of world leaders, past and present. They showed how such leaders of men, women and nations and their business side-kicks hid their embezzled wealth in tax havens around the world and thereby avoided paying taxes in their respective countries. They enjoyed the good life with their monies stacked in offshore banks, some using shell companies with front-men as the account holders, while their fellow countrymen and women were asked to pay their taxes.