Pakistan has effectively defaulted.

It just ran out of f/x. They have about $4B left in official reserves, but with oil prices this weak, they probably need about $2B of net f/x just to keep the lights on.<br><br>That means there won't be any to spend on food imports. Starvation and mass riots incoming.<br><br>&#x200B;<br><br>Edit. This is the next Sri Lanka. Riots incoming, then regime change. China's port will probably be the first thing taken under new management.