Fearing bank runs, Sri Lanka President Ranil Wickremesinghe declares five-day holiday for debt restructuring

Sri Lanka began a five-day bank holiday from Thursday to allow the crisis-hit nation to restructure $42 billion in domestic debt, a media report said. The island nation is facing its worst economic crisis since it won independence from the British in 1948, BBC reported. There are fears that the government's restructuring plan could lead to volatility in financial markets, the report said.