Will a $3bn bailout be enough for Sri Lanka?
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 21 March 2023
⏱️ 10 minutes
🧾️ Download transcript
Summary
The IMF’s board has finally backed a $3bn bailout for Sri Lanka to help relieve a ‘catastrophic’ economic and social crisis, shares in First Republic Bank tumbled 47 per cent on Monday despite a $30bn rescue deposit last week, and Credit Suisse bondholders were in uproar after the rescue deal by rival UBS wiped out $17bn of the failed Swiss bank’s bonds.
Mentioned in this podcast:
IMF approves $3bn bailout for Sri Lanka
Wall Street chief executives try to come up with new plan for First Republic
Credit Suisse bondholders in uproar over $17bn debt wipeout
Credit Suisse AT1s: investors go loco after Coco no-no
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Transcript
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| 0:00.0 | The FT News Briefing is supported by Equinole, the UK's energy partner. |
| 0:06.2 | Learn more at equinole.co.uk |
| 0:10.1 | Hey guys, we're going to get to today's briefing in just a second, but first I want to tell you about FT Edit. |
| 0:16.0 | It's an app for your iPhone and iPad that gives you access to eight of the FT's best stories handpicked every weekday. |
| 0:23.5 | The app's editors serve up a perfect mix of politics, business, and global news from our award-winning journalists, |
| 0:29.9 | plus opinion pieces from our top columnists. |
| 0:33.0 | The best part? You can try FT Edit today completely free for 30 days with no obligation. |
| 0:38.8 | Just head to the show notes for the link. |
| 0:42.1 | Good morning from the Financial Times. Today is Tuesday, March 21st. |
| 0:45.9 | And this is your FT News Briefing. |
| 0:48.6 | The International Monetary Fund is handing Sri Lanka a major bailout. |
| 0:54.5 | And while banking troubles are starting to cool down in the US, first to a public bank is still feeling the heat. |
| 1:00.9 | Plus the FT's Katie Martin tells us why the deal for UBS to buy credit Swiss is leaving some bondholders high and dry. |
| 1:08.6 | This has been a very big shock to people who really know their stuff. |
| 1:13.9 | I'm Mark Filipino and here's the news you need to start your day. |
| 1:25.4 | The International Monetary Fund approved a $3 billion bailout for Sri Lanka yesterday. |
| 1:30.8 | The country had been dealing with a mismanaged government for years, |
| 1:34.5 | and the war in Ukraine led to soaring inflation and shortages last year that threw the country into a crisis. |
| 1:41.6 | So will the money from the IMF help? |
| 1:44.2 | $3 billion itself won't do very much at all. |
| 1:47.6 | That's the FT's Jonathan Wheatley. While the dollar amount of the bailout won't do much, |
| 1:51.8 | Jonathan says it will get the ball to recovery rolling. |
... |
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