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Wear-Fluid t1_jebm3ik wrote

Reply to comment by Damien__ in China calls US debt trap accusation 'irresponsible' by BubsyFanboy

>student loan situation

I don't know if a country blackmailing another country should be considered on the same level as student loan debt.

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Damien__ t1_jeeejgx wrote

Take this non dischargeable ridiculously predatory student loan or you will get no education...

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Contagious_Cure t1_jecahk8 wrote

Are we just throwing words around that we don't understand? What's the blackmail? China has in fact already written off billions in loans already, if anything it's their own ledgers that are going into the deep red.

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No_Mission5618 t1_jee38c8 wrote

https://dialogochino.net/en/trade-investment/40016-a-dream-deal-with-china-iron-ore-that-ended-in-nightmarish-debt-for-venezuela/

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[deleted] t1_jee4gj5 wrote

[deleted]

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Contagious_Cure t1_jee60j9 wrote

It's arguably not even extortion. Venezuela secures a loan via promises of discounted iron ore sales to China. They weren't able to produce the promised iron ore so they continue to owe money because they didn't hold up their end of the agreement. This is the normal operation of failing to fulfil your part of an agreement.

If China asked for something outside the deal that they weren't otherwise entitled to, like say "let me build a military base in Venezuela or else I'll recall the debt" then it's extortion.

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Contagious_Cure t1_jee5l47 wrote

Where's the blackmail? Do you know what blackmail is? Did you even read your own linked article? China and Venezuela made a deal where China would loan them money in exchange the sale of Iron ore at a heavily discounted rate. In the end Venezuela were unable to produce the iron ore quotas despite fuether investment from China intended to increase their productivity. So China doesn't get the Iron Ore they were promised and Venezuela still owes money to China because they didn't meet the Iron Ore Quota they promised.

Where's the blackmail?

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No_Mission5618 t1_jee5s6v wrote

I’m talking about the so called billions debt cut, I can careless about the black mail. And yes, I did read the article.

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Contagious_Cure t1_jee6q4d wrote

https://www.forbes.com/sites/kenrapoza/2019/05/29/china-has-forgiven-nearly-10-billion-in-debt-cuba-accounts-for-over-half/

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No_Mission5618 t1_jeea06m wrote

To add on this I’m gonna use my sources which show which countries owe the most debt to China and tell you where they rank on gdp. So the countries that owe the most debt to China.

“Pakistan ($27.4 billion of external debt to China), Angola (22.0 billion), Ethiopia (7.4 billion), Kenya (7.4 billion) and Sri Lanka (7.2 billion) held the biggest debts to China”

ranking of countries gdp

Sri Lanka: 65 Maldives: 150 Pakistan: 40 Ethiopia: 66 Kenya: 67 Angola: 57 Laos: 116

Just for reference Ukraine is ranked 60 on that list, and is considered the poorest country in Europe.

https://worldpopulationreview.com/country-rankings/poorest-countries-in-europe.

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