VIDEO: What are the implications of Sri Lanka’s debt default?

The economic crisis in Sri Lanka appears to be getting worse by the day. Sri Lanka’s government has been forced to default on its entire $51 billion of external debt. There’s been a shortage of food, fuel and schools had to cancel exams for a lack of paper. It’s all led to weeks of anti-government protests – culminating in calls for President Gotabaya Rajapaksa to resign. But what does the default mean?