NYT: Sri Lanka Died in a Western Debt Trap, and Others Will Follow

[MH.Yang]

Sure, I will use this to my bank next time when I cannot keep my repayment on my mortgage......

Sri Lankans are certainly wrong, but the western countries that lend them money are also wrong.

plz google the reasons for accusation of "China's loan trap", and then replace "China" with "America".

 

[jhungary]

Sri Lankans are certainly wrong, but the western countries that lend them money are also wrong.

plz google the reasons for accusation of "China's loan trap", and then replace "China" with "America".

If Western Countries were wrong, then China is in the wrong too.

The problem is, as I explained. Bank (either Western or Chinese) are there to do business. Don't know about you, when I go to my bank and ask for a $500,000 loan for the house i currently live in, they are not the one that responsible for repayment. I need to calculate all the risk involved and whether I can afford this loan.

Now, whether or not bank should lend me their money is one thing, but not paying back is on me. Not on the bank, and as a borrower, I should have known how much I can afford, and if I go after a loan I can't afford, that's responsibility is totally on me.

I am not saying this is Chinese or American fault, I am saying you people use the same reason the Sri Lankan blame you to blame America, while insisting it was wrong for the Lankan to blame you. In case you don't know, that's double standard.

 

[MH.Yang]

If Western Countries were wrong, then China is in the wrong too.

The problem is, as I explained. Bank (either Western or Chinese) are there to do business. Don't know about you, when I go to my bank and ask for a $500,000 loan for the house i currently live in, they are not the one that responsible for repayment. I need to calculate all the risk involved and whether I can afford this loan.

Now, whether or not bank should lend me their money is one thing, but not paying back is on me. Not on the bank, and as a borrower, I should have known how much I can afford, and if I go after a loan I can't afford, that's responsibility is totally on me.

I am not saying this is Chinese or American fault, I am saying you people use the same reason the Sri Lankan blame you to blame America, while insisting it was wrong for the Lankan to blame you. In case you don't know, that's double standard.

The western countries have been promoting the "China loan trap".

Now you accuse the Chinese of "double standard"?

 

[etylo]

If Western Countries were wrong, then China is in the wrong too.

The problem is, as I explained. Bank (either Western or Chinese) are there to do business. Don't know about you, when I go to my bank and ask for a $500,000 loan for the house i currently live in, they are not the one that responsible for repayment. I need to calculate all the risk involved and whether I can afford this loan.

Now, whether or not bank should lend me their money is one thing, but not paying back is on me. Not on the bank, and as a borrower, I should have known how much I can afford, and if I go after a loan I can't afford, that's responsibility is totally on me.

I am not saying this is Chinese or American fault, I am saying you people use the same reason the Sri Lankan blame you to blame America, while insisting it was wrong for the Lankan to blame you. In case you don't know, that's double standard.

Actually, it's more of western "debt traps" indeed, the western lenders lend countries just to pay their loans interests in never ending cycle, Chinese usually don't do that. If any foreigners are at fault, it's definitely the West's greedy practice and its effect on Sri Lankan, not China.

 

[jhungary]

The western countries have been promoting the "China loan trap".

Now you accuse the Chinese of "double standard"?

I don't see Western Countries has been promoting Chinese Loan in Sri Lanka. I see they did that to Bangladesh and some African country.

Everyone knows they lived beyond their mean.

Actually, it's more of western "debt traps" indeed, the western lenders lend countries just to pay their loans interests in never ending cycle, Chinese usually don't do that. If any foreigners are at fault, it's definitely the West's greedy practice, not China.

So you are saying Chinese loan don't pay interest??

Geez, I should have found a Chinese bank for my mortgage.

 

[Cheepek]

The operative part of this pathetic word salad are only those two lines in the mid.
The same two lines every semi literate moron keeps on harping all the time.

NYT really has no editorial standards, throw $$$, they'd even publish why the earth is flat under opinion.

 

[etylo]

I don't see Western Countries has been promoting Chinese Loan in Sri Lanka. I see they did that to Bangladesh and some African country.

Everyone knows they lived beyond their mean.


So you are saying Chinese loan don't pay interest??

Geez, I should have found a Chinese bank for my mortgage.

No, Chinese loans as everyone's do charge interests, but Chinese won't lend others money to pay off the interests of Chinese loans or others' loans, are you out of your mind with your English ?

 

[Rollno21]

Every developing country needs money. China also borrowed money from other countries/financial orgnizations when it was at early development stage. There is no "debt trap" as long as the loan interest is in reasonable range and the deal was voluntarily made by both sides. The word "debt trap" was made by the west to defame China's investments.

Good loan or bad loan isn't decided by lender, but by the borrower. By how the borrower uses the money. Country like Sri Lanka, where politicians used the money on people's welfare to get more votes, is not victim of debt trap. On the contrary, those money lenders are trapped. They are the victims.

It's not Chinese investment,it's Chinese loans

 

[jhungary]

No, Chinese loans as everyone's do charge interests, but Chinese won't lend others money to pay off the interests of Chinese loans or others' loans, are you out of your mind with your English ?

Then are you saying in China, people who loan you the money have right to dictate what you do with the loan??

Dude, Bank is a business, they don't really care if you are able to repay this loan or that loan, they only care if you repay it. And if you can't repay it, it's not the bank fault. I mean you should have read all the terms and condition and do your own math on repayment, that's what I did when I borrow.

Sure, Bank are greedy, how are you going to do business if you are not greedy, you are not opening a charity and help people, you are opening a business to loan out money and earn interest payment. Don't tell me Chinese bank aren't the same, if you say that you are probably just lying to yourselves.

 

[etylo]

Then are you saying in China, people who loan you the money have right to dictate what you do with the loan??

Dude, Bank is a business, they don't really care if you are able to repay this loan or that loan, they only care if you repay it. And if you can't repay it, it's not the bank fault. I mean you should have read all the terms and condition and do your own math on repayment, that's what I did when I borrow.

Sure, Bank are greedy, how are you going to do business if you are not greedy, you are not opening a charity and help people, you are opening a business to loan out money and earn interest payment. Don't tell me Chinese bank aren't the same, if you say that you are probably just lying to yourselves.

You are talking nonsense, don't drag into Chinese bank practices in China. I am saying that Chinese gov usually won't lend other countries money to pay off the interests of their Chinese loans or others' loans already existing, simple as that.

 

[jhungary]

You are talking nonsense, don't drag into Chinese bank practices in China. I am saying that Chinese gov usually won't lend other countries money to pay off the interests of their Chinese loans or others' loans already existing, simple as that.

Chinese government don't lend money to foreign government........

This was done by private practices, government may control the process (as they do with their monetary policy) but at the end of the day, this is not "Aid" this is "Loan", which appear to be something you have trouble to understand.

 

[etylo]

Chinese government don't lend money to foreign government........

This was done by private practices, government may control the process (as they do with their monetary policy) but at the end of the day, this is not "Aid" this is "Loan", which appear to be something you have trouble to understand.

Who is saying aid not loan ? Don't fabricate things out of your mouth I didn't say. All the Chinese banks do the lending to other countries are Chinese state owned. Don't open your mouth something you don't know.

 

[jhungary]

Who is saying aid not loan ? Don't fabricate things out of your mouth I didn't say. All the Chinese banks do the lending to other countries are Chinese state owned. Don't open your mouth something you don't know.

You do know when Chinese government send "Aid" to foreign country, you don't get those money back, right??

Aid is NEVER loan, otherwise it would not be aid. Otherwise, African nations collectively owe US more than 100 billion dollars in the last 18 years.

I know about how Chinese banking work, I constantly borrow from Chinese bank for my Business in China, you apparently think they are doing it for charity.......LOL

 

[Catalystic]

One country down, many to follow……even rich will be affected when there’s shortages of food everywhere, no country will be immune…..

 

[-=virus=-]

Is there a list of others who will follow ?

Share pls.