Borrow Money from a Dragon. Get Smoked.
Asia Times
September 7, 2018 3:50 PM (UTC+8)
The first round of bills are coming due for China’s Belt and Road
Initiative (BRI) recipients in the South Pacific – and few can pay.
Squeezed by the costs of frequent natural disasters, crumbling
infrastructure and low economic growth, the Pacific Islands are a
natural fit for China’s US$1 trillion BRI global infrastructure-building
ambitions.
Even small loans go a long way in countries like Tonga, Vanuatu and
Papua New Guinea, but the ability to repay or negotiate refinancing is
testing Pacific governments who must now make politically unpopular
decisions to service the debts.
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