Sri Lanka is in the same position as Argentina, sinking deeper into the'
debt trap' set by the IMF and its Western supporters. Several other
countries are in the same precarious position - Egypt, Tunisia and
Pakistan among them.
China, which holds just 10% of Sri Lanka's
debt had been pinpointed and singled out as the cause of the economic
problems in Sri Lanka. This is how warp the thinking is among the
Western countries. Now the reality of the size of China's hold of Sri
Lanka's debt put paid to all the fabricated narratives. They created the
problem, they blame someone else for it, and the clowns hype up the
lies of the rabid dogs.
We know how those debt traps are set up
to destroy countries economically and making them beholden to the IMF
and World Bank. Never was good intentions the motive of those World
Bodies. Suffice to say, having created the mechanism to control
countries with debts, and ironically they also tried to use the 'debt
trap' argument to demonise China's loans to poorer countries for
development. China has taken a leaf from them to extend its 'soft power'
approach, and is competing with them globally with loans to poor
countries, making it a thorn in the side of the West.
China must
be wary of extending loans to countries deemed unfriendly, as any
default by them necessitating China taking action to recover those
loans, will make China look bad and gives the West the ammunition to
devalue China's BRI and infrastructure expansion.
Some countries
that China should do well to avoid doing business with are the
Philippines and Vietnam, countries that will repay a helping hand with
poisonous bites. The world still has so many other countries deserving
of help besides them.
Anonymous
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