russia are attacked. carroll is under reports from you. with a calmness completely at odds with the alleged crime he committed. the most wanted man in new york is arrested on the streets of manhattan. 62 year old frank j shower . less than an hour after his arrest, the new york police department announced the news, eager to call him a public shocked by the violence. we use every resource at our disposal to gather in process significant evidence that directly linked mister james to the shooting. we were able to shrink his world quickly. there was nowhere left for him to run. yesterday was a dark day for all of us. but the bright spots of the incredible heroism of our fellow new yorkers helping each other in the time of crisis. new york subway users we spoke to were relieved. unhappy, you know, subways right here. you could have been right here. it is who are affected by his foolishness. glad he's coy. you need to be caught. there's some rodham doe has

receptacles, psychological. it will go to do later in the day he was led in handcuffs out of the n y p. d precinct in manhattan's east village and transferred to paris. new york. ah, sir, this is observed these all the top stories and the flagship of russia's black sea fleet has been severely damaged by a blast ukraine since it hit the warship. most grava with cruise missiles. but moscow says a fall on board, cause i munition to explode. russia says it's non full control of the port in the ukrainian city of mario polk. and that's more these, all these rights for the russian. a media, russian sources of ease on both happening in the west is emma's hating. that took a lataria and in tolerance of all those russian points of view to more palestinians

have been shot dead by the israeli army and the occupied west bank. israeli troops carried out raids on villages and a refugee camp in the early hours of thursday. morning 3 other palestinians were killed and overnight clash. somalia is expected to swear in new legislators to its parliament in the coming hours more than a year behind schedule, political infighting, accusations of erect a war in the struggle over ukraine. here is the test for president joe biden with really trying to do is rewrite the security architecture. if you're personally on all it's foreign debt, the island nation is seeing it's worth economic crisis in decades and growing public anger. what does this move mean? and will there be political fall out? this isn't side story. ah,

hello and welcome to the program. i'm daddy and applegate on the economic crisis in sri lanka appears to be getting worse by the day. it's government has been forced to default on its entire $51000000000.00 of external debts. there's been a shortage of food fuel and schools have had to cancel exams for a lack of paper. it's all lead to weeks of anti government. protests culminating, and colds for president got a buy a roger pizza to resign. we'll bring in our guests in a moment. but 1st, michelle fernandez reports from colombo. this is the colombo shot of hub, is teeming. you can see stalls selling so wrong, and people are sort of taking a look here, another ford shop where people are trying to buy some trade for the new year. but a reminder down here of what the situation is, a generator just to keep things running for the power. ah, because many, many people are suffering with power. just one of the issues. that's the reality of

the economic price is the truck is going through. and we're just hearing from the government that they have decided in the interim to stop debt repayment in the process of going to the i m f. they will be looking to restructure their debt. that announcement has come today. some economy said this is far too late in the coming. they've been asking for it for months and months. and the government insisted that it was in control, but now deciding to put a halt in the interim and can centrally restructure debt. when i come out to gorda with the guy, now everything has gone up in price. i came to buy clothes by the are so expensive that the question is, is it enough for months and months? economist, opposition politicians have been asking the government to put a hold on it, that payment to negotiate a sort of a plan before. and meanwhile,

to save the precious foreign currency, which is so so depleted. and that's what led to all one of these shortages fuel cooking, gas, food items, medicine. and that is what a has been the rallying cry to the government. so what does it mean 1st, for lanka, to default on its external debt, what happens when a board fails to pay an international loan at the time? it's due sherland coast, usable, foreign currency reserves have plunged below a $1000000000.00 limiting its ability to repay loans. defaults can lead to lower credit scores, reducing the chances of obtaining credit in the future, and higher interest rates on existing as well as new loans. ah, to discuss this, let's bring in our gas. joining us from columbus, johan perrera, who's the executive director of the national peace council of sri lanka, in job. not a helena cutter of them are, who's a political economist and senior lecturer at the university of jobs. not insure

lanka as well. i'm joining us from melbourne is a man to para, a researcher at the school of education and the arts at secret university australia . welcome to you all. thanks for joining us on inside story. i helen over to you 1st. so now that's your lankin has announced it is in fact, defaulting on its foreign debts. those this stop the dot a downward spiral. yeah, it's to be seen how the markets are going to this. this is not good at the g, like i have never thought this might stop despite your difficulties to gaining international markets with my financial transactions. but the question is also why they had to come about at this point. the government beg your time or the last to try to show up in

the search. in fact, last year we had its highest or bill $21000000000.00. so rather than saving some of that foreign foreign exchange towards a situation like this, we continue to spend the other question that you guys are going on. i'm next. why we have just a heads up when i'm asked, does that reduce the bargaining power that she has seen the condition allergens from the i'm a lot of questions and a lot of about the same process as well as what we pre cation that are going to do right, the claim that i'm at a launch, but is there to be the consequences for the people, right. austerity brains, left, come all important point, but all important points. in fact, as part of our discussion, let me just bring in colombo for the time being in john pereira. so if this i m f

program actually goes ahead, it would be through like a 17th financial rescue package from the global lender. and as i got from justin, i was saying it does comes with strings and conditions attached. i will. why is this? i am a flown going to work when the country has already had 16 in the past. in your opinion, it a significance of this default is that she long cause currency also has been said to be just the falling does fallen by like close on 100 percent in the last 2 months. and we are also going to countries foreign country and such as india or bangladesh. china asking for loans for to just title the next month. so in a sense that the government taking this action of tried to preserve whatever the foreign exchange it has by not repaying the debt is,

is to the people. it will be something that they will come because they do want the hetero, the d, so that i q q is lions stretching for a kilometer more every day. people stay overnight in these guess that these guests that station waiting to fill out where he goes that tractors that come by and harvested because they had to do the funding properly. so for people that the importance is that the government should have money to import, the essential that no may just didn't know in the, in the hospital the government has been, i did, but the doctor says that that isn't medicine in the, in the hospitals. so yes, so it was different so, so what you're saying is this is a good move on behalf of the government to show the people that they're actually doing something. i mean, it's a double edged sword, but up to now the government does not doing anything. now,

at least they have taken some decisive step. they appointed a new central bank governor. the earlier person was saying that no, don't worry, we will somehow get the money to repay the, to manage between the country. now we have got a new person who has also increase the interest rates vary considerably, because that's the way to i think there's still some confidence in people to, to actually save the money. they have been printing money or printing enormous amounts of rupees. the last few months, and that also has contributed to the downward spiral in the context of very bad management. now we have this decision, ok. and so i mean ok, let me bring in a month for melbourne. i mean, what do you think about the i m f loan? if it goes ahead, is this going to be good enough for the people i'm on time? because as, as we've been hearing, i mean the i m f loans come with painful policies. the people have already been

feeling a lot of pain on the streets. we've seen the process taking place. so how will sir lincoln's be reacting to this news? do you think? well, i think housey lincoln's react to this news will depend on the very fact whether the laws or these negotiations are going to be felt on the ground. because what we're seeing is something that is really unprecedented. there are pockets, there are few shortages, there are gas shortages last filing, a price hike. so all these things i have come together and they are felt by every citizen. so whether this is going these last these negotiations, guy, math, and individual countries, whether that will really make an impact is whether these shortages are going to are really lost in any way. if the bonds are going to become shorter,

if the gas lines are going to be short a book and find fuel without staying in line for half a day or even more, i think that's what's going to change the moon on the ground. because these projects that we are see they have come about because people, everyone in 3 lines are full of very, very small minority, are feeling the impact of the economic crisis. you cannot go through and day when there is a 30 now, right, and then you can. so it's, it's going to depend on whether all this negotiations, all these loans are going to be felt like a back for a moment before we look at how this is all impacting the, the roger packs a family. but i learned just tell us what caused this economic crisis and whether it can be sort of pinpointed at one thing or is it, is it several things over the years?

things or do you think the, the war and your brain and the rising commodity prices increased on me and the destruction opportunities in check that has happened. but really, this is all wrong prices where we locate the sovereign was in the capital markets and that's fine. so that's the question, even design agreement that the process we didn't find making any of the recommendations. but whether that's only one to start the home, just an issue without restricting impulse because aren't going exchanges. you look at the measures that i've been trying to lock. ready that jim are on mine, it already broken. i exchange rate. what that decision one by the people they have

to pay 50 percent for the items. they have increased interest rates, not a business is not going to go back. because you have double, they just say they won't have working capital. now i recommend going to restructuring the boat at the mercy of the i'm right, but let me ask you this. what the governments have done? what more could the government have done? headline because as you were just saying, there is a rising, we saw the rise in the cost of fuel. the corona virus locked down. as a result there was a drop in tourism. so there were a lot of external factors that battered through lanka, exact essential models. but as i mentioned last year, we have to come out with all kinds of lunches. i need to have a distribution system. all of that was dismantled when she got into a structural adjustment with the on the back consent to 7 from we want to

destruction of services, but that i'd like to please my worry didn't just gain on the what. ok, john, if you agree with what's being said from just now and also, you know, we've seen much of the anger recently to take basic steps and there were warning signs. is that something that you agree with? if i'd like to add to further points to what i said, and the 1st is that, as i said, we were living beyond down means, you know, before we had a war in our country for 3 decades, and a lot of money to keep in mind the 2nd thing is that the people are really, i mean, they're really focusing on what the roger boxes have done. there is a business there. they have taken the money that they have stolen this money, and that there was a mis men. people behind of course been, you know,

that no one did the right department, but the entire put it because it's kind of got extreme, the current. and you know, for a long time the devil commissions be taken by politician b. know, for instance, that there are, there are such huge investments that have been made. it's been taken with the chinese loans. we have the tallest building in south asia, a tower, which is a digit mt, which has not been functional about several years. we have a airport in the south of the country, which is rather strong to see which is which is hardly having any plans coming to be of a port that to which we expect the to come prussia accountability that people are blaming. they're focusing on the deposit and they want them to go because they think that they are the ones who have done himself can survive. he's called for talks with protesters,

is not likely to appease them at all. open discussions now with the producers and the producers have quickly, or at least some of the reactor to say, we're not going to talk unless our demands, which is that the president resigned. and all the right boxes in government relinquish that post. so the anger, the protectors are director and the raj about the family. now one thing that we need to understand is that the good of the administration, when it came into power, it actually promised a change if slogan was, system change. what he said was we were going to change the system that has been in place, which people said was color or which didn't deliver equally to all 3 longer. so they came on the platform that they were going to be a way to change the system. and instead,

what is happening in sort of any kind of improvement. think that regressed, then anyone has ever seen in their life time. so what we are seeing is the anger boiling over and the roger boxes have become the target. because for the better part of the last 2 decades, they have be the most powerful political plan in sri lanka. right? ok, so look, i mean, the office actually opposition amount as also pouncing on this. they are hoping to hold some sort of no confidence vote that the opposition is also weakened. i mean, they don't have a majority, they haven't been able to take control of parliament. so what did they do? well, i think the real interesting piece protest is that these are taking place without, without, without a political party. all the politician, all the structure, guiding them or giving them moment. so the opposition cannot,

i expect to gain apollo or to form a government through this, but it's because the protest, i in fact saying that they want this whole system changed by for starters, they want the government that he's in place to change. so there are some decisions would be made that prevented ation can be changed. so it's the quite a unique situation that is happening in syria because what we see in the past is that most certainly not this large have always been led by a slow but now yeah, these are based on getting people are pouring onto the street without being prompted by going to teach. right. so it would be very hard for one political party to gain momentum from this. but it's most certainly will mean that one

political how family would be and the receiving end of this. but i a lot, i mean, how challenging isn't going to be to dismantle this deep rooted corruption in the system as what's being described by my guess from columbus. john pereira, corruption and extraction wire is. ready and. ready she. ready what the crisis itself has also be the consequence economic trajectory that the kind of investment that john talked about, investment in structure. but these other programs that maybe don't have all of the regimen we're back. ready back and this is fine, but the question is whether i'll be going to continue investing direction all the tours of boston and just the kind of economy bill sheet. i'm not going to crisis

agriculture. the foods just don't have what the kids managed, real ship in the tragic economic policies and what happened long. this is the kind of a crisis that bound to bring about major changes like it or not. at the moment the angry is against the router. they've been completely mice, president working by robert like you don't have to go sooner or later. and i think that would come after that, which is similar to what happened in 1977. and i am if agreement that leads to the suffering of the people we might see again, a swing to the right. you might even have a worse fashion. that merges don't actually, despite gone too much or the last couple of years and it's not a crisis. so they really should foremost, and my already set the projection,

which is right to bring about most often and then give stage for other kinds of testing because you missed one collectors rather than fixed your luck on the macro she right. ok, john, i mean we're spoken about the, the process, some people coming out, but you're in colombo, just give us a real sense of what life is like today for ordinary sheer lincolns who are trying to make ends meet the situation today at today's holiday here in the new year we are just approaching our tradition, you yet doing very quiet usually. but in the, in the area and the other presidential secretary that lots of people are lots of young people. and you know, when they have made a sort of like a festival of, of democracy that talking democracy, they're talking about ideas that doing kids. and that's keeping their spirits up

because also reading, reading very heavily colombo but that's the rest of the population. they actually demo happening most of, most of us during this period, we want to travel back to our villages and we don't want the car do that because there are no buses. and there, i mean that the shortage of the so to do a few of the buses, so many people are just staying in their homes and they're going shopping. they're going being there shopping. but as the saw in the, in the, in the jo year, the prices have risen tremendously. so people are really suffering. and at the moment it's a poor are people who are paying the price. but because that, that, that they using that in food intake, for instance, but later on it's bundled, it's going to hit the others also, and also hitting us in the sense that these, which are very unbearable. what do you think was going on next? how is this going to play out in your opinion?

yeah, my, my hope is this that see what we would like. what i would like to see the change to the democratic system to the constitution. and for that, it requires that the parliamentary majority should shift all ready of 40 members of the, of the ruling of the government have opted to become independence. but this needs to be aligned to the government. but when they see that this, these protests are not stopping and they see the wide spread nature of the, of the desire for a change in the leadership. that they will shift. and as a, as a consequence of that shit. but i would like to see because the president is not going at the moment, but i would like to see is a constitutional amendment brought in a broad bringing back constitutional amendment we had, which is all written by this president right here. as soon as we get the power, he came to the 20th amendment, it's concentrated poverty and himself, and iraq,

the independence of the judiciary and other institution by the public service. i would like to see that amendment repeal ok will pay the way far for reform in the future. thank you so much. we'll have to leave it there on that. no, thank you for joining john perrera lancaster. come on a month for thanks so much. thank you. for watching, you can see the program again any time by visiting our website al jazeera dot com for further discussion. you can go to our facebook page on facebook dot com forward slash ha. inside story. you can join the conversation on twitter as well, or handle as a james. i story for myself and the entire scene here. and thanks for watching. bye bye. for now. the in the run up to worst day al jazeera showcase is live discussion programs and special documentary is exploring the issues behind human caused climate change.

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o'clock. this is al 0 life and also coming up explosions on a russian warship. moscow says it was an accident. ukraine says it targeted the vessel with cruise missiles, at least $300.00 dead floods devastate south africa's deb and region.