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The uprising in Sri Lanka is underpinned by the government defaulting on their debt, a result of >20% inflation and poor economic output and outlook.
This may only be the beginning of social unrest globally as governments around the world face credit problems.
Bloomberg has a great table showing some key metrics for those nations under considerable credit stress. El Salvador is next in line with a high debt:GDP ratio and default swaps pricing a high risk of incoming default.
Stay tuned.
It seems bad, bitcoin adoption would not help much in this situation
Bitcoin won't save the states debt problem, especially in developing countries. There will be pain.
Luckily the people of these countries have Bitcoin, so the people have a viable Lifeboat. Plus, they are dollarized so their currency will not hyper inflate the way that Sri Lanka's and other foreign states did/will.
Before Bitcoin can provide any lasting help, the forest must burn.
There is a Bloomberg article which links to the table, however that table is for Bloomberg Professional (Bloomberg Terminal) subscribers only:
https://www.bloomberg.com/news/terminal/REMTP0DWLU68
The article is:
Today Russia, Sri Lanka. Tomorrow Who? https://www.bloomberg.com/news/articles/2022-07-08/today-russia-sri-lanka-who-s-next-emerging-markets-risk-map https://archive.ph/Y6a8s
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