Dow futures slide 350 points as stock rally fades, with oil falling and Fed's Powell on deck to speak

view original post

Associated Press

EXPLAINER: Why Sri Lanka’s economy collapsed and what’s next

Sri Lanka’s prime minister says the island nation’s debt-laden economy has “collapsed” as it runs out of money to pay for food and fuel. Short of cash to pay for imports of such necessities and already defaulting on its debt, it is seeking help from neighboring India and China and from the International Monetary Fund. Prime Minister Ranil Wickremesinghe, who took office in May, was emphasizing the monumental task he faces in turning around an economy he said is heading for “rock bottom.”