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xMercurex t1_jecpnxs wrote

A lot of country in trouble right now got in that situation because of their own fault. They got loan from private lender, China and sometime development aid. Often those loan were used for useless project. Sri Lanka is a good example. They spent a lot of useless status. The Chinese port itself wasn't particularly placed in a strategic spot. Sri Lanka used those loan to make the ruling family richer. It's not China or the west fault.

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No_Reaction_2682 t1_jednhym wrote

Didn't Sri Lanka got a loan from China to pay off the debt already owed to the IMF?

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Absolut_Unit t1_jee0yal wrote

Maybe we're talking about 2 different things, but the money gained from leasing out their port to a Chinese company was used to pay off international sovereign bonds, which have very high interest rates and make up the majority of Sri Lanka's debt servicing obligations.

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