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Broke, downgraded and begging: Sri Lanka pays price for missteps – by MARWAAN MACAN-MARKAR South Asian nation’s economic crisis draws comparisons with Lebanon’s meltdown Source:asia.nikkei.com BANGKOK — Sri Lanka’s failure to settle interest payments on sovereign bonds and its subsequent ratings downgrade have drawn unflattering comparisons with the economic meltdown in Lebanon. The South Asian nation on April 18 failed to pay interest of $78.13 million on $1.25 billion of bonds. Standard & Poor’s followed up this week with a downgrade to a “selective default” rating — the latest knife in the back of the debt-ridden economy. Foreign investors who had bought the island’s international sovereign bonds (ISBs) were angry that they were misled by promises the debt would be paid. The principal cheerleader was Nivard Cabraal, the then central bank governor. Throughout he stood by views he had expressed to Nikkei in a February interview: “I am determined to ...