China's debt trap diplomacy is believed to have become a major cause of Sri Lanka's unprecedented economic crisis as it failed to take better steps to restructure its debts in dialogue with the IMF. The chief of the US spy agency on Wednesday blamed “dumb bets” on high-debt Chinese investment as a factor in Sri Lanka's economic collapse that triggered a political crisis in the island nation. Speaking at the Aspen Security Forum, CIA chief Bill Burns said the mistake should serve as a warning to other nations. "The Chinese have a lot of weight to throw around and they can make a very appealing case for their investments," Burns said. He added that nations should look at “a place like Sri Lanka today -- heavily indebted to China -- which has made some really dumb bets about their economic future and are suffering pretty catastrophic, both economic and political, consequences as a result.”