In dieser Angelegenheit

Lifeline or Bind?

According to a Financial Times report over the first weekend of September 2023 (Sri Lanka Debt Twist), the United States government has intervened in a lawsuit filed by Hamilton Reserve Bank (in US courts) seeking payment for defaulted Sri Lankan bonds worth $250 million.
Our government had filed a motion to stay HRB's litigation for six months until it can sort out its debt restructuring plans with other lenders - admittedly, the very thing HRB is attempting to avoid with the litigation: HRB is holding out to avoid a haircut from any debt restructuring Sri Lanka negotiates with other investor groups.
Could we have a powerful ally watching over our interests? The United States Attorney, in a letter to the presiding judge, has indicated that the US government may submit a formal opinion to the court by October 2, 2023, on whether HRB should be pushed to the sidelines and give us the extra time.
It is tempting to speculate why the US is wading in. While the specifics are unclear, the American government has asked the court to delay making any decisions until it submits its opinion, one that could potentially sway the court and its final decision. If the US supports Sri Lanka's request, it is a lifeline. If the US opposes the delay, we are in a bind.
Now, Sri Lanka does not need the mindless cacophony of alarmist politicians, union leaders, academics and mercantilists fearmongering and conjuring conspiracies. In all likelihood, the US could be taking measures to protect the interests of other investors in that country holding dud Sri Lankan sovereign bonds. And that is good for us, too.

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Intelligent Storytelling

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