El Salvador's crypto experiment ends in failure
Published on: 2025-06-26 10:58:27
F or much of the time since Nayib Bukele became president in 2019, El Salvador has teetered on the brink of default. The warning signs were familiar: high debt and interest payments, exacerbated by a wide fiscal deficit; low dollar reserves; anaemic investment and GDP growth. Negotiations with the IMF over a bail-out were deadlocked. Mr Bukele’s relentless attacks on the judiciary, his opponents and the media did not inspire confidence.
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