China sets crony “debt traps” all over Asia, Some countries think twice about taking the bait

In the end these countries will likely still fall into the trap even if there is now some resistance to China. Why? Because it’s advantageous for crony capitalists to make deals that end up becoming traps for “the people.” With these “Belt and Road” deals, the Ultimate Crony Capitalist State will make sure that the Swiss accounts of the local cronies will get nice and fat. And that is a powerful force. Countrymen? Hah, time to get rich!

It’s an old colonialist con, and one China is helping to facilitate on a massive scale in South Asia currently.

(From The Dawn)

After lengthy delays, an $8.2 billion revamp of a colonial-era rail line snaking from the Arabian Sea to the foothills of the Hindu Kush has become a test of Pakistan’s ability to rethink the signature Chinese ‘Silk Road’ projects due to debt concerns…

…The cooling of enthusiasm for China’s investments mirrors the unease of incoming governments in Sri Lanka, Malaysia and the Maldives, where new administrations have come to power wary of Chinese deals struck by their predecessors.

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