10 Countries Teetering On the Brink of Bankruptcy

A concerning report by the UN has revealed that over 50 countries, mostly poor or developing nations, are facing the imminent threat of bankruptcy.

While many nations grapple with this dire situation, we will explore only ten countries on the brink of bankruptcy.

Ukraine’s entanglement in a prolonged conflict with Russia has contributed to the country’s financial struggles.

Ukraine

A combination of pegging the peso to the US Dollar, soaring public debt, and rampant corruption left the country ill-prepared to handle economic shocks.

Argentina

With a foreign debt of $51 billion, the government declared a default in April 2022 and is currently negotiating with the IMF for a possible bailout.

Sri Lanka

The government has a budget deficit of nearly 10% and holds the trophy for one of the world’s highest public sector wage bills.

Tunisia

Crude oil prices crashed from an average of $88.42 a barrel to a measly $54.03 in December 2014. With such a heavy reliance on oil, Venezuela found itself in hot water, struggling to stay afloat.

Venezuela

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