El Salvador's $425 million bitcoin experiment isn't saving the country's finances
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El Salvador's economic growth has plummeted and its deficit remains high. The country's debt-to-GDP ratio is set to hit nearly 87% this year. The price of bitcoin has fallen more than 70% from its November 2021 peak, and more than 55% from the time President Nayib Bukele announced his plan. The government has an unrealized paper loss on bitcoin of around $50 million, which the finance minister notes is less than 0.5% of the national budget. "The country is sleepwalking into a debt default," said Frank Muci, a policy fellow at the London School of Economics. Source