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debt trap

Anti-government protest in Sri Lanka on April 13 in front of the Presidential Secretariat / credit: AntanO / Wikipedia

Real Debt Trap: Sri Lanka Owes Vast Majority to West, Not to China

Benjamin Norton July 20, 2022 Benjamin Norton

Sri Lanka owes 81 percent of its external debt to U.S. and European financial institutions and to Western allies, Japan and India. China owns just 10 percent. But Washington blames imaginary “Chinese debt traps” for the nation’s crisis, as it considers a 17th IMF structural adjustment program, reports Benjamin Norton.

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