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October 13, 2022
El Salvador’s Bitcoin Experiment: $60 Million Lost, $375 Million Spent, Little to Show So Far
Journalists Arjun Kharpal, MacKenzie Sigalos
Data from Bloomberg Economics shows that El Salvador tops its ranking of emerging market countries that are vulnerable to a debt default. Even as it retires some of its outstanding debts, the country’s domestic and multilateral loan obligations pose a real threat, in part because the world’s biggest lenders aren’t too keen to give cash to a country betting its future on one of the most volatile assets on the planet.
Pair these economic woes with a renewed war on gang violence and the country is barreling toward uncertainty.
“The government claims the developments as a success, but most local commentators and international watchers are underwhelmed,” Rachel Ziemba, founder of Ziemba Insights, told CNBC.
Read the full story and more from CNBC.