In December 2017, unable to repay a huge Chinese loan, Sri Lanka handed its Hambantota port in the south of the island to a Beijing company on a 99-year lease for US$1.12 billion.

This is just the reality, my friend. You can look past western propaganda but seem to really struggle with anti-western propaganda.

[–] trolololol@lemmy.world 1 points 1 month ago (1 children)

How is this different from crippling debt owned to world Bank?

[–] protist@mander.xyz 1 points 1 month ago

It's not different, that was my point.

[–] multi_regime_enjoyer@lemmy.ml -4 points 1 month ago (1 children)

Listen "friend", your reality is based purely on sources from the Western financial class. So much so that you're not even aware of the neocolonialist financial pressure they placed on Sri Lanka to begin with. It's just China China China, because you only look at what you're told to look at. Because you're a well-trained little pig dog, aren't you? Who's a good boy??

https://www.imf.org/en/News/Articles/2024/03/21/pr2494-sri-lanka-imf-staff-level-agreement-for-second-review-sla

[–] protist@mander.xyz 3 points 1 month ago (1 children)

So where in what you posted did the IMF seize a Sri Lankan port to finance a debt

[–] multi_regime_enjoyer@lemmy.ml 6 points 1 month ago* (last edited 1 month ago)

You mean when a Canadian company recommended that Sri Lanka should sell hambatotan as part of debt renegotiations, that was more significant than the IMF impoverishing the entire country? Did you think they took the port back to China? While China is responsible for 10% of the debt and 63% of the debt forgiveness in the country?

Do you do anything other than repeat Wall Street news? Vulture funds made huge risky investments to Sri Lanka they knew could not be repaid and used the international law system - the US run mafia - to threaten them into paying off debts that should have been forgiven.

Taking more control over assets in countries being stripped by the Western vulture capitalists is a good thing. That's why China has lots of under the table agreements to recoup losses on or take control of assets if the IMF does this shit or if there's a regime change now. Risk is a real thing, debts are not sacred, I understand that's out of your depth as your understanding of finance is limited to what your masters tell you.

The alternative is simply threatening people to pay up, the Wall Street way.