Sri Lanka shares plunge as Buddhist leaders ask govt to resign

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Monday was the first morning of trade on the Colombo bourse after a two-week break, during which the government imposed a record interest rate hike and defaulted on its $51 billion foreign debt.

COLOMBO - Sri Lanka's stock market halted trading after a nearly 13% plunge Monday as the island nation's beleaguered government faces new pressure to resign from influential Buddhist leaders over a crippling economic crisis.

The latest market crash came as the country's most influential Buddhist clerics joined a growing list of former allies calling for the government's resignation. Gotabaya has faced similar calls to step down, with thousands of protesters camped outside his seafront office in Colombo for more than two weeks.

Utilities unable to pay for fuel imports have imposed lengthy daily blackouts to ration power, while long lines snake around service stations as people queue for petrol and kerosene.

 

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