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  1. #26
    Chinese spy sabang's Avatar
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    Listen to the Commies!




    As this infographic makes clear, it is not debt to China that is crippling Sri Lanka’s economy and robbing its people, but the servicing of bonds issued on the world market – ie, debt peonage to imperialist bloodsucking investors.Reproduced from The Atlantic, with thanks.



    Of the $4.5bn in debt service Sri Lanka would pay in 2017, only 5 percent was because of Hambantota. The central bank governors under both Rajapaksa and Sirisena do not agree on much, but they both told us that Hambantota, and Chinese finance in general, was not the source of the country’s financial distress.

    There was also never a default. Colombo arranged a bailout from the International Monetary Fund, and decided to raise much-needed dollars by leasing out the underperforming Hambantota port to an experienced company – just as the Canadians had recommended.

    There was not an open tender, and the only two bids came from China Merchants and China Harbor; Sri Lanka chose China Merchants, making it the majority shareholder with a 99-year lease, and used the $1.12bn cash infusion to bolster its foreign reserves, not to pay off China Eximbank.

    FULL- The Chinese ‘debt trap’ is a myth&nbsp| The Communists

    It is a good article. Explodes a few myths.

  2. #27
    Thailand Expat panama hat's Avatar
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    Quote Originally Posted by sabang View Post
    Listen to the Commies!
    You're still too stupid to understand even the most basic economics, sabang . . .
    Quote Originally Posted by malmomike77 View Post
    the point being that the ADB and WB et al will reschedule debt or even write if off rather than see a country fail, Chinas answer is to force countries to hand over assets, they'll still lend more....

    Try to look past your propaganda, this now basic economics . . . which you'd know had you really been a banker instead of working in a bank

  3. #28
    Chinese spy sabang's Avatar
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    Try reading the linked article dumbshit.

  4. #29
    Thailand Expat harrybarracuda's Avatar
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    Quote Originally Posted by sabang View Post
    Try reading the linked article dumbshit.
    Why don't you read the article about how the chinkies hide Belt and Owed debt rather than recycling this chinky propaganda shit?

  5. #30
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    Quote Originally Posted by sabang View Post
    Sri Lanka is beautiful- 'serendipity'. I could easily live in the Galle/ Uluwatu area. The Lankan currency will likely weaken too- making it a great bargain, and in their desperation for foreign currency the government might well make it easier for foreigners to reside there. One to keep an eye on. When I was last there, the civil war was still raging, but in the east and north. A terrorist bomb had recently gone off in Colombo though, near the central bank.
    I've been a couple of times and would love to go again..good people, beaches , food . The first trip I caught a ferry from rameswaram in India to arrive on the east coast which has reportedly the best beaches but due to the war raging it was of limits to foreigners

  6. #31
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    Quote Originally Posted by sabang View Post
    As this infographic makes clear, it is not debt to China that is crippling Sri Lanka’s economy and robbing its people, but the servicing of bonds issued on the world market – ie, debt peonage to imperialist bloodsucking investors.
    The article is interesting as a story about the port. It sidesteps a couple of issues.
    One is that, as someone posted somewhere near here that I cannot find at the moment, it is widely believed that China structures a lot of loans between 'private' companies so that this indebtedness has no transparency and isn't counted in the official foreign debt figures. We don't know if those debts are large or small in Sri Lanka. Either way, those loans are invisible and don't form part of that infographic.
    Second is that ISBs (International Sovereign Bonds) were issued by Sri Lanka of their own volition with a promise to pay interest. They are a fairly standard tool for countries to borrow money, no country is obliged to issue ISBs, they are issued by free choice and sold on the open market. We do not know who holds the bonds now, it could be that Chinese interests hold some or none at all. We really don't need to care about the owners unless our personal pension plans have some stake - which they possibly do. They might be imperialist bloodsuckers or they might be investors of any ethnicity who didn't expect an Asian country to default.
    All that said I'd agree that China is not the apparent principal cause of Sri Lanka's problems, it was mismanagement by the Rajapksas. It remains to be seen whether or not the creditors, including China, will forgive any of their debts. Meanwhile, the people can expect to suffer shortages of life's essentials.

  7. #32
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    Quote Originally Posted by Shutree View Post
    The article is interesting as a story about the port. It sidesteps a couple of issues.
    One is that, as someone posted somewhere near here that I cannot find at the moment, it is widely believed that China structures a lot of loans between 'private' companies so that this indebtedness has no transparency and isn't counted in the official foreign debt figures. We don't know if those debts are large or small in Sri Lanka. Either way, those loans are invisible and don't form part of that infographic.
    Second is that ISBs (International Sovereign Bonds) were issued by Sri Lanka of their own volition with a promise to pay interest. They are a fairly standard tool for countries to borrow money, no country is obliged to issue ISBs, they are issued by free choice and sold on the open market. We do not know who holds the bonds now, it could be that Chinese interests hold some or none at all. We really don't need to care about the owners unless our personal pension plans have some stake - which they possibly do. They might be imperialist bloodsuckers or they might be investors of any ethnicity who didn't expect an Asian country to default.
    All that said I'd agree that China is not the apparent principal cause of Sri Lanka's problems, it was mismanagement by the Rajapksas. It remains to be seen whether or not the creditors, including China, will forgive any of their debts. Meanwhile, the people can expect to suffer shortages of life's essentials.
    Thank you for this excellent and revealing post. China, and Chines, government backed investment is indeed hiding the bulk of loans to vulnerable countries.

    Sabang will ignore this, or move the goal posts and wander off topic. He does that because the truth is sometimes undeniable.

    Window dressing for retired ex HK bankers. “We can’t do it legally, but we can dress it up so no one can tell” more banker bullshit.

  8. #33
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    ^^ well put Shu - they also put forward infrastructure projects who's specific benefit to the country concerned is dubious at best but have an obvious benefit to China's plan - these projects and the underpinning funding are frequently backed by sums handed to official as inducements as China has no problem with fostering corruption as it then gives it leverage over said officials. They "Invest" with the specific aim of securing assets and see no problem with helping a poor country overreach itself financially, rather its one of their objectives.

  9. #34
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    @mm77 - also with these infrastructure projects, the Chinese bring their own people - from engineers, managers & construction workers. They'll hire purely Chinese, unless the local govt puts its foot down and stipulate that the Chinese firn should hire local people. It has happened in African & Asian countries.

    I've seen it in PH. Here, they've driven up the cost of rental apartments for the construction workers, offering big bucks to the landlords and displacing the Filipino locals. The locals were asked to vacate the apartments because the landlords were "given an offer they couldn't refuse".

    Same with higher end condominium flats - they house the Chinese online casino workers there. (I've heard that they put 4 to 8 ppl in a condo flat measuring 4*6 sqm.) I've seen those casino workers at the same building where my Airbnb flat was. The hallway in our floor smelled of cigarette smoke, though smoking was prohibited. In the morning, there were minivans that shuttle the workers (probably to their offices). They've made rents higher for ordinary Filipino tenants.

    I think I've also seen a Filipina who was probably working as a sex worker (secretly) for the Chinese online casino ppl. I rode the elevator with a Filipina lady and she was with a Chinese guy, who seemed to be her boss/ superior/ employer. They didn't look like BF/GF. I tried to make eye contact with her (she looked harassed/ distressed) but she didn't reciprocate. I found out later that the Chinese casino workers here can order prostitutes via an app. (It was in the news & was investigated in the Senate.) The guy in the elevator probably was the pimp.

    Back to Sri Lanka - it is f**ked. Lack of gasoline, no electricity, rising prices, etc. I've seen the moans/ whinge of some travel vloggers due to the power cits & inconveniences. If the vloggers are moaning, then the situation is more dire for the locals.

    I hope the conditions & economy in SL improve.

    P. S. Thanks Shutree for the informative post.
    Last edited by katie23; 21-05-2022 at 01:34 PM.

  10. #35
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  11. #36
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    Good post from Katie. Yes, the more odious and less known side of Belt and Owed is that, having bribed or coerced countries into borrowing money for useless white elephant projects, the chinkies then get that borrowed cash back to supply the manpower and materials.

    The hapless country (or rather, victim) already in debt still has to pay them back, so the parasitic chinky loan sharks not only double their money, but get extortionate interest off it as well.

    They really are scum.
    Warning: Be cautious if you are a fragile pink

  12. #37
    Thailand Expat panama hat's Avatar
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    Quote Originally Posted by sabang View Post
    Try reading the linked article dumbshit.
    I did . . . and actually understood it, unlike you

  13. #38
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    Sri Lanka President Gotabaya Rajapaksa arrives in Singapore after fleeing country

    SINGAPORE: Sri Lanka President Gotabaya Rajapaksa arrived in Singapore on Thursday (Jul 14) from the Maldives after fleeing his country the day before.
    Singapore's Ministry of Foreign Affairs (MFA) confirmed in a media statement shortly after 8pm that Mr Rajapaksa had entered Singapore on a "private visit".

    "He has not asked for asylum and neither has he been granted any asylum. Singapore generally does not grant requests for asylum," said an MFA spokesperson.
    In a statement, the Singapore Police Force reiterated that Mr Rajapaksa "is here on a private visit".
    "He is on a social visit pass," the police said.
    "Police ask that the public, Singaporeans, residents, work pass holders and social visitors alike, abide by our local laws.
    "Action will be taken against anyone participating in a public assembly that is illegal."

    Sri Lankans can travel to Singapore without a visa for trips shorter than 30 days.

    When CNA arrived at Changi Airport Terminal 3 at 5.45pm, there was a small number of Sri Lankan nationals waiting outside the arrival gates.
    The crowd, which included naturalised Singapore citizens, grew to about 20 as the arrival time of flight SV788 - the Saudia flight Mr Rajapaksa was reportedly on - drew closer.
    According to the flight schedule board at the airport, the flight landed at 7.17pm. It had been scheduled to arrive at 6.48pm but was delayed several times.
    According to passengers from flight SV788 CNA spoke to, they were dropped off at Terminal 2 and then ushered onto a Skytrain towards Terminal 3.

    Sri Lanka nationals CNA spoke to expressed frustration over Mr Rajapaksa’s no-show at the arrival gates.

    Some had rushed down from work hoping to catch a glimpse of Mr Rajapaksa and waited for nearly two hours for the flight to arrive.
    One man told CNA that he had gone to the airport at about 6.45am as reports had initially suggested Mr Rajapaksa would arrive in the morning.
    When reports later in the day said Mr Rajapaksa was not on that flight, the man left the airport and returned at about 6.30pm.


    “He cannot do anything in Singapore, so I want to see where he can hide," said the 32-year-old, who declined to be named.

    Despite their frustrations, some said they were not surprised the president did not show up.
    “He’s deceitful and he has always been deceitful. It’s nothing new for us. And this time, he’s deceived us again by not appearing,” said one 37-year-old engineer, who also declined to be named.
    His friend, who only wanted to be known as Max, said they had come from work and had been waiting for nearly two hours.
    “He ran away from the country … ran away from the problems, problems he created,” said Max.
    Another 35-year-old Sri Lanka national, who did not give his name, said he wanted to show the president that he cannot run away from what he has created in the past two years in the country.
    Media reports had said earlier he was scheduled to land in Singapore on Thursday morning on a Singapore Airlines flight, but one Sri Lanka media outlet, citing sources from the Maldives, reported later that Mr Rajapaksa and his wife did not get on that flight due to "security concerns".



    https://www.channelnewsasia.com/singapore/sri-lanka-president-gotabaya-rajapaksa-arrives-singapore-private-visit-mfa-2808791

    Sri Lanka President Gotabaya Rajapaksa arrives in Singapore after fleeing country amid crisis - CNA

  14. #39
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    Quote Originally Posted by malmomike77 View Post
    ^^ well put Shu - they also put forward infrastructure projects who's specific benefit to the country concerned is dubious at best but have an obvious benefit to China's plan - these projects and the underpinning funding are frequently backed by sums handed to official as inducements as China has no problem with fostering corruption as it then gives it leverage over said officials. They "Invest" with the specific aim of securing assets and see no problem with helping a poor country overreach itself financially, rather its one of their objectives.
    Agreed, It isn't about the amount of debt it is about the terms under default. Many of these loans say that if the country defaults then they have to give land to China. China needs bases around the Indian Ocean to support its trade out of Africa. It has Djibouti, but Sri Lanka would help Secure a halfway point while also acting as a buffer against India. It would also allow China to have a two front war against India, if things were to escalate.

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  17. #42
    Chinese spy sabang's Avatar
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    Actually Sri Lanka's high coupon debt is from western financial institutions- not China, Japan or the ADB.


    Sri Lanka sued by US bondholder after island nation's historic default

    Sri Lanka, an island nation off the southern tip of India, fell into default in May after the expiry of a 30-day grace period for missed interest payments on two of its sovereign bonds

    Sri Lanka sued by US bondholder after island nation's historic default | Business Standard News

  18. #43
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    ^ We've been around this before, do keep up. The point being made and understood by most is that all other institutions with the exception of China would either reschedule or write down/off debt in extremis, but China expressly seek to swap debt for infrastructure and it specifically plans the transaction from the outset with this in mind.

  19. #44
    Thailand Expat panama hat's Avatar
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    Quote Originally Posted by sabang View Post
    Actually Sri Lanka's high coupon debt is from western financial institutions- not China
    Why are you constantly so disingenuous? Let's highlight what has been stated several times before:


    Quote Originally Posted by malmomike77 View Post
    We've been around this before, do keep up. The point being made and understood by most is that all other institutions with the exception of China would either reschedule or write down/off debt in extremis, but China expressly seek to swap debt for infrastructure and it specifically plans the transaction from the outset with this in mind.
    Is it sinking in, sabang?

  20. #45
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    Quote Originally Posted by panama hat View Post
    Why are you constantly so disingenuous? Let's highlight what has been stated several times before:




    Is it sinking in, sabang?
    He knows.

    He will just continue to lie about it.

    Just like the Chinese do.

  21. #46
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    Quote Originally Posted by sabang View Post
    Actually Sri Lanka's high coupon debt is from western financial institutions- not China, Japan or the ADB.


    Sri Lanka sued by US bondholder after island nation's historic default

    Sri Lanka, an island nation off the southern tip of India, fell into default in May after the expiry of a 30-day grace period for missed interest payments on two of its sovereign bonds


    Sri Lanka sued by US bondholder after island nation's historic default | Business Standard News

    Shut up you dribbling toerag. Just because you want to ignore all the dirty tricks the chinkies use to hide the extent of their loan sharking doesn't mean everyone else does.

    The chinkies are parasites, end of.

  22. #47
    Thailand Expat taxexile's Avatar
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    eco madness has played a big part in its troubles, as it will with many countries (not china and russia and india of course) but the virtue signalling ignorant self loathing western democracies who are intent on sacrificing themselves at the altar of climate delusion.

    Eco-extremism has brought Sri Lanka to its knees.


    An obsession with organic farming ‘in sync with nature’ triggered an unsustainable but predictable economic crisis

    MATT RIDLEY
    14 July 2022 • 4:55pm
    Matt Ridley


    Sri Lanka’s collapse, from one of the fastest growing Asian economies to a political, economic and humanitarian horror show, seems to have taken everybody by surprise.

    Five years ago, the World Bank was extolling “how Sri Lanka intends to transition to a more competitive and inclusive upper-middle income country”. Right up to the middle of last year, despite the impact of the pandemic, the country’s misery index (inflation plus unemployment) was low and falling. Then the misery index took off like a rocket, quintupling in a year.

    What happened? There is a simple explanation, one that the BBC seems determined to downplay. In April 2021, president Gotabaya Rajapaksa announced that Sri Lanka was banning most pesticides and all synthetic fertiliser to go fully organic. Within months, the volume of tea exports had halved, cutting foreign exchange earnings. Rice yields plummeted leading to an unprecedented requirement to import rice. With the government unable to service its debt, the currency collapsed.


    Speciality crop yields like cinnamon and cardamom tanked. Staple foods became infested with pests leading to widespread hunger. As Ted Nordhaus of the Breakthrough Institute put it in March: “The farrago of magical thinking, technocratic hubris, ideological delusion, self-dealing and sheer shortsightedness that produced the crisis in Sri Lanka implicates both the country’s political leadership and advocates of so-called sustainable agriculture.”

    The government promised more manure, but it would take at least five times as much manure as the country produces to replace the “synthetic” nitrogen fixed from the air, and there’s not enough livestock or land to produce that much. In Glasgow for the climate summit last year, Sri Lanka’s president was still boasting that his agricultural policy was “in sync with nature”.

    At the time, his organic decision was widely praised by environmentalists. Sri Lanka scored 98 out of 100 on the “ESG” – environmental, social and governance – criteria for investment.

    Vandana Shiva, a feted environmentalist, said: “This decision will definitely help farmers become more prosperous.” She has been silent recently. Dr Shiva has led relentless criticism of the Green Revolution of the 1960s, which brought fertiliser and new crop varieties to south Asia, banishing famine for the first time in history even as population increased. Her (and others’) claims that traditional, organic farming could feed the world more healthily remain wildly popular among environmentalists. Sri Lanka has tested that proposition and found it wanting.

    As the agricultural scientist Prof Channa Prakash of Tuskegee University in Alabama once told me: “Sure, organic agriculture is sustainable: it sustains poverty and malnutrition.” Farming was organic when millions died in famines every decade and the US prairies turned into dustbowls for lack of fertiliser to hold the soil during droughts.

    But if you watch or listen to the BBC, you will hear little of this. On its website, under the headline “Sri Lanka: Why is the country in an economic crisis?”, you have to read right to the end to find a grudging admission that “When Sri Lanka’s foreign currency shortages became a serious problem in early 2021, the government tried to limit them by banning imports of chemical fertiliser. It told farmers to use locally sourced organic fertilisers instead. This led to widespread crop failure.” The Indian commentator Shakhar Gupta calls Sri Lanka’s organic conversion an episode of “mega stupidity” on a par with Mao Tse-tung’s order to persecute sparrows.

    In the Netherlands, too, farmer protests are mainly about a policy of reducing the use of nitrogen fertiliser. In this country, organic farming gets publicity far out of proportion to its actual contribution: about 3 per cent of Britain’s farmland is organic.

    If the world abandoned nitrogen fertiliser that was fixed in factories, the impact on human living standards would be catastrophic, but so would the impact on nature. Given that about half the nitrogen atoms in the average person’s body were fixed in an ammonia factory rather than a plant, to feed eight billion people with organic methods we would need to put more than twice as much land under the plough and the cow. That would consign most of the world’s wetlands, nature reserves and forests to oblivion.

    the telegraph

  23. #48
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    Quote Originally Posted by sabang View Post
    It is a good article. Explodes a few myths.
    From the website of the communist party of the UK.

    Quote Originally Posted by taxexile View Post
    the telegraph
    A shit source from the left and now a shit source from the right. The clowns are on a roll.


  24. #49
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    ^..
    The clowns are on a roll.

    and now a post from a shitfaced drunkard from seattle.

  25. #50
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    Quote Originally Posted by malmomike77 View Post
    China would either reschedule or write down/off debt in extremis, but China expressly seek to swap debt for infrastructure and it specifically plans the transaction from the outset with this in mind
    China agreed the conditions, if a default occurred, with the then government.

    Similar I suspect the other lenders did, but different conditions, when their loans were agreed. A port was considered preferable to both parties. And I suspect China took a risk that a port was/would become more useful than paper money.

    I suspect if the world does, in fact, fall into food and energy crises, many underdeveloped countries will default. Whether they will consider the reagreed repayment terms extension are acceptable will be decided by the debtor, if such defaults occur.

    What's the downside, no more loans from the 16% banks. The 16% gun boats are firing blanks and now have others to assist them.
    A tray full of GOLD is not worth a moment in time.

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