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Bloomberg says Sri Lanka is the highest risk of foreign debt default in Asia Bloomberg reported last week that Sri Lanka was the highest default risk in the Asia-Pacific, overtaking Papua New Guinea, Kazakhstan, Mongolia, Pakistan, Malaysia and Indonesia. The news agency’s “debt default probability” scale now rates Sri Lanka at almost 28 percent, up from 13 percent six months ago. Under Bloomberg’s model any country rated over 1.5 percent is deemed to be at “a high risk of failure to pay.” The news agency said that Sri Lanka’s “first test comes on July 27,” when it must repay a $US1 billion bond to investors. “[S]peculation is growing,” it continued, “that it may need to turn to the International Monetary Fund [IMF] for additional finances after securing assistance from countries including China.”

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