Sri Lanka's heading towards economic collapse says former finance minister

<p>Sri Lanka's former finance minister, Mangala Samaraweera today warned the country was heading towards "a state of economic collapse".&nbsp;</p> <p>Condemning the President's sacking of the prime minister and appointment of Mahinda Rajapaksa as the new premier, Mangala said "as a result of these actions, Sri Lanka is on the brink of economic anarchy and chaos as never experienced before."&nbsp;</p> <p>"The cavalier and irresponsible actions of the president starting on October 26th based on personal animosities and precipitating a series of illegal acts, places at risk Sri Lanka's ability to meet its immediate debt obligations."&nbsp;</p> <p>"Sri Lanka has hitherto never defaulted its debt obligations. The actions of 26th October have irreversibly undermined Sri Lanka's credibility in global markets - risking out ability to service future debt."&nbsp;</p> <p>Mangala's statement follows the credit rating agency, Moody's decision to downgrade the country from B1 to B2.&nbsp;</p>