evidence: Sri Lanka’s collapse should be a wake-up call to other countries, highlighting the perils of sovereign debt in an era of geopolitical competition. [...] 1. Sri Lanka is facing the worst economic crisis since its independence in 1948. [...] Sri Lanka has been an arena for competition for India and China (and to some extent Japan), all of whom have historic relations with the island nation. The Rajapaksa regime claimed close relations with China, but ultimately India was most helpful in the crisis. This year, India has sent over $3.8 billion to Sri Lanka, in the form of currency swaps, loans, food and fuel aid. Even before this week’s acute political disarray, India had pledged a comprehensive plan to increase economic and infrastructure ties between the two nations, a move seen as reassertion of its historic influence in Sri Lanka and as a counter to growing Chinese influence. Other members of the QUAD alliance (the United States, Australia and Japan) have also announced various levels of support for the Sri Lankan economy.