Sri Lanka the latest victim of China’s debt-trap diplomacy

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Beijing has been given a 99-year lease on Hambantota port as part of a debt-reduction deal, amid talk of creditor imperialism following China’s buy-up of strategic ports in Piraeus, Darwin and Djibouti.

This month, Sri Lanka, unable to pay the onerous debt to China it has accumulated, formally handed over its strategically located Hambantota port to the Asian giant.

Hambantota Port 1a Wikimedia Commons LLLLIt was a major acquisition for China’s Belt and Road Initiative (BRI) – which President Xi Jinping calls the “project of the century” – and proof of just how effective China’s debt-trap diplomacy can be.

Unlike International Monetary Fund and…

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