I wrote this article in 2022, when only 2021 data was available. Well, now the Sri Lankan government has published data from 2022, and it shows:
- Just 14% of Sri Lanka's foreign debt is owed to China.
- 43% is owed to private bondholders (largely Western vulture funds like BlackRock and banks like Britain's HSBC and France's Crédit Agricole).
- 16% is owed to the "Asian" Development Bank (over which the US has significant influence).
- 10% is owed to the World Bank (dominated by the US as well).
- 8% is owed to Japan.
When they say "multilateral" debt, they largely mean debt owed to US-dominated institutions that falsely pose as "multilateral" (like the World Bank or ADB).
Source: erd.gov.lk
- Just 14% of Sri Lanka's foreign debt is owed to China.
- 43% is owed to private bondholders (largely Western vulture funds like BlackRock and banks like Britain's HSBC and France's Crédit Agricole).
- 16% is owed to the "Asian" Development Bank (over which the US has significant influence).
- 10% is owed to the World Bank (dominated by the US as well).
- 8% is owed to Japan.
When they say "multilateral" debt, they largely mean debt owed to US-dominated institutions that falsely pose as "multilateral" (like the World Bank or ADB).
Source: erd.gov.lk
Dollar-denominated bonds bought by Western vulture funds and banks are by far the biggest culprit in trapping Global South countries in debt.
But the West insists these exploitative "investors" are sacred and can't lose a cent. So it blames China instead
pekingnology.com
But the West insists these exploitative "investors" are sacred and can't lose a cent. So it blames China instead
pekingnology.com
Western billionaire-backed asset managers and banks that buy bonds from Global South nations like Sri Lanka, which have a history of struggling with debt, know that it is a risky investment and there's a chance the countries could default.
But instead of relying on their beloved "free market", Western vulture funds use the US justice system to extort poor, debt-burdened countries, forcing them at the barrel of a gun to pay them massive returns. This is exactly what happened with Argentina: eurodad.org
These vulture funds often purchase risky bonds with high rates of interest at low prices, and make enormous profits off of the suffering of working people in the Global South, who in turn endure brutal neoliberal austerity measures - having their wages cut, social services slashed, and basic rights taken away - just to pay the interest on the debt owed to Western billionaire oligarchs.
But Western capitalist governments consider these exploitative "investments" to be sacred. So instead of asking for the vulture funds to lose money on what they knew was a very risky investment, they scapegoat China.
But instead of relying on their beloved "free market", Western vulture funds use the US justice system to extort poor, debt-burdened countries, forcing them at the barrel of a gun to pay them massive returns. This is exactly what happened with Argentina: eurodad.org
These vulture funds often purchase risky bonds with high rates of interest at low prices, and make enormous profits off of the suffering of working people in the Global South, who in turn endure brutal neoliberal austerity measures - having their wages cut, social services slashed, and basic rights taken away - just to pay the interest on the debt owed to Western billionaire oligarchs.
But Western capitalist governments consider these exploitative "investments" to be sacred. So instead of asking for the vulture funds to lose money on what they knew was a very risky investment, they scapegoat China.
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