Many Asian countries are facing a deep recession and Sri Lank is just the tip of the iceberg, points out Marwan Macan Marker, Asia regional correspondent for Nikkei –Japan.
Pakistan, Bangladesh, and Singapore are prominently on the list of countries with minus foreign reserves.
Sri Lanka, Pakistan, and Bangladesh have their currencies depreciating rapidly.
The Chinese refusal to take any of the losses subsequent to its careless lending is worsening the situation.
Across Asia, some of the same distress signals are flashing: petrol queues in Laos protests against rising prices in Bangladesh, a plunging currency in Pakistan, and urgent borrowing by the Maldives to make repayments on existing debts point out Marwan Macan Marker.