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SRI LANKA'S ECONOMIC QUAGMIRE AND HOW MARGRET THATCHER SMASHED THE KEYNESIAN CONSENSUS – The Island


By Sanjeewa Jayaweera
For quite some time, experts in economics and finance not associated with any political party have been raising the red flag about the severe economic challenges that our country was facing. Unfortunately, the politicians have consistently ignored these challenges. Many in the
private sector believed that commonsense would prevail and necessary course correction will occur, and the ship will sail smoothly.
I recently reminded a few of my former colleagues about how some of them rebuked me (in a friendly manner) five years ago when I asked the regional team of a large multinational bank, “Will Sri Lanka default on foreign debt like Greece?” My colleagues felt that I was unnecessarily pessimistic, although I thought I was a realist. Fortunately for me, one of the regional team members came to my defence and said that the scenario was not so outrageous as “Sri ....

United States , United Kingdom , New Delhi , Republic Of , Sri Lanka , West Germany , Margeret Thacher , Ronald Regan , James Callaghan , Gotabaya Rajapaksa , Margaret Thatcher , Martin Luther King , Margret Thatcher , Harold Wilson , Tharuna Aruna , John Maynard Keynes , Margeret Thatcher , Sanjeewa Jayaweera , Edward Heath , Party Conference , International Monetary Fund , National Union Of Miners , Student Union , British Telecom , Central Bank , British Airways ,