Category Archives: debt restructuring

Debating World Politics: “Human Rights” as USA’s Tool in Power Games

Circa 7th October 2022, I inserted  Natasha Gooneratne’s Memo in Thuppahi on Facebook: “An Exposure: Human Rights as a Tool of US Intervention”. …. ………………………………..So, readers should focus initially on this MEMO = https://thuppahis.com/2022/10/04/an-exposure-human-rights-as-a-tool-of-us-intervention-

THAT Item drew the following two comments in Facebook which I then circulated to Natasha and a select few others by EMAIL.

Comment in FACEBOOK by Arun Devan, October 2022: “If you don’t like USA, then don’t go with the begging bowl to US and West. Sri Lanka can choose to stave or be slave. Little choices – thanks to the brutal war and useless spending on military now.”

Comment in FACEBOOK by Richard Simon, October 2022:“Why does the US want to intervene in Sri Lanka? Serious question.”

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Colonialism Anew. Sri Lanka enmeshed in Western Debt ‘Nets’

Darini Rajasingham-Senanayake, in Colombo Telegraph,  3 October 2022, where the title reads: The Paris Club, Dollar Debt Colonialism & Asia’s New “Donors”: Reforming The International Aid Architecture?”

As the visiting International Monetary Fund (IMF), team boarded a return flight to Washington DC after a week in Colombo, the Paris Club, stepped in though a revolving door at the strategic Indian Ocean island’s Bandaranaike International Airport in the first week of September. 

The signing of a ‘Staff Level Agreement’ with the deeply unpopular ‘Ranil Rajapaksa’ regime accused of Economic Crimes was announced before the IMF team’s departure. However, the contents of the agreement like the IMF’s Debt Sustainability Analysis Report on Sri Lanka remain shrouded in mystery except for news of a $2.9 billion loan to be disbursed over 4 years!

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Deeply Wounded. Also Divided? Sri Lanka Today

Neloufer De Mel, in History Today, Vol 72/8, September 2022, where the title reads “Sri Lanka’s Deep Wounds” **

On 31 March 2022 a public protest occurred in the vicinity of the home of the Sri Lankan president Gotabhaya Rajapakse. The protest marked frustration at the shortages of essential commodities (gas, medicines, fuel) and the gruelling ten-to-13-hour power cuts imposed by a cash-strapped government with insufficient dollars to pay for imported fuel. The protestors also sought answers as to why certain neighbourhoods (such as Mirihana, where the president lived) continued to enjoy uninterrupted power.

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Adani Group from India is A Potential “Black Rock” for Sri Lanka

Darini Rajasingham-Senanayake, in The Morning Leader, 24 August 2022, with this title “IMF privatising and the Adani Greenwash”

Buenos Aires, Argentina, has been rocked by massive protests against austerity measures imposed by the International Monetary Fund (IMF). Structural reforms with austerity have resulted in soaring inflation, currency depreciation, poverty, and inequality that is eroding the Argentinean society and economy, while enabling the bailout of private lenders and vulture funds like BlackRock.

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China Jettisons 23 Loans to African States!!! Wunderbar!!!

Benjamin Norton, in Multipolarista, 21 August 2022, where the headline reads thus China forgives 23 loans for 17 African countries, expands ‘win-win’ trade and infrastructure projects”

The Chinese government has announced that it is forgiving 23 interest-free loans for 17 African nations, while pledging to deepen its collaboration with the continent.

This is in addition to China’s cancellation of more than $3.4 billion in debt and restructuring of around $15 billion of debt in Africa between 2000 and 2019.

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Debt Trap around the Globe is Mostly to Commercial Creditors

Fair Dinkum

Interesting World Bank statistics here – see film

According to the World Bank, poor and middle income countries have to pay $940 billion dollars in principal and interest repayments in the next 7 years including $356 billion to Western commercial creditors and $273 billion to multilateral institutions which adds up to  67% of the total payments due.

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Three News Items on Sri Lanka’s Crisis in The Economist

ONE = From The ECONOMIST magazine, Summer Issue, 30 July – 12th August … & the Mid-August Issue The Economist

On the evening of July 21st, a relaxed mood prevailed in Sri Lanka’s presidential secretariat on the seafront of Colombo, the capital. A handful of protesters milled about in the entrance hall, which they had occupied on July 9th and turned into a library full of donated books. They said they were planning to return the premises to the state the following day, having succeeded in driving from office Gotabaya Rajapaksa, the disgraced former president.

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Deep Penetration off Sri Lanka and USA

 Darini Rajasingham-Senanayake, in Colombo Telegarph, August 2022, where the title reads “Ripples In The Indian Ocean: Yuan Wang 5 & Easter Sunday 2019”

The alarm bells had been ringing for some time in Sri Lanka. The island nation is strategically located at the center of the Indian Ocean on the busiest trade and Undersea Data Cables routes in the world and hence perpetually in the cross-hairs of big power rivalry.For those who missed the signs if not the red flags; ripples caused by the US House of Representatives Speaker, Nancy Pelosi’s Pivot to Asia last week announced loud and clear that colonialism and Cold War are back, big time in the mythical “Free and open Indo-Pacific”.

Mike Pompeo with Sri Lankan counterpart Dinesh Gunawardena in October 2020 

INDIAN OCEAN (June 27, 2021) An MH-60S Sea Hawk helicopter attached to Helicopter Sea Combat Squadron (HSC) 21, assigned to Independence-variant littoral combat ship USS Charleston (LCS 18), flies with cargo during a vertical replenishment exercise with Sri Lanka Navy Advanced Offshore Patrol Vessel SLNS Gajabahu (P-626), left, as a part of Cooperation Afloat Readiness and Training (CARAT) Sri Lanka, June 27. In its 27th year, the CARAT series is comprised of multinational exercises, designed to enhance U.S. and partner navies’ abilities to operate together in response to traditional and non-traditional maritime security challenges in the Indo-Pacific region. (Sri Lanka Navy Media courtesy photo)

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Jonathan Manz’s Revelations re US Machinations in Sri Lanka: Two Essays

Jonathan Manz, in LankaWeb

ONE: “Pivot-to-Asia: America executes a Ligthening Coup to take control ofa strategic Island in the Indian Ocean” …. in LankaWeb, 13  June 2022 …. note DATE

Bewildered, reeling and confused, Sri Lankans are just beginning to pick up the pieces of the jigsaw to decipher the events of Black-Monday, 09 May 22, when America, with its all-too-familiar ‘false-flag’ operations, executed a lightning Coup, to take control of the strategic Island in the Indian Ocean.

Taking control of the Island-Nation was critical to the Americans to implement their re-chartered game-plan for the Indian-Ocean region; this plan, they were compelled to develop following the unexpected defeat of their proxy mercenaries in Sri Lanka.

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Jayati Ghosh exposes the IMF Role in the Crisis in Sri Lanka and Elsewhere

Video Presentation in DEMOCRACY NOW …. with this title “Economist Jayati Ghosh: Global Debt Crisis Is Perfect Storm of Unrest, Economic Disaster, Starvation”

THE looming PERFECT STORM = https://www.youtube.com/watch?v=rPMed4KOHuI

We look at the looming possibility of a global recession amid rising inflation, the pandemic and the Russian war in Ukraine. World financial institutions and wealthier countries should take stronger actions such as writing off debts that are crippling developing nations, says Jayati Ghosh, economics professor at the University of Massachusetts Amherst. “This is just completely lack of political will. It’s not because we don’t know what to do.” Her piece in The Guardian is headlined “There is a global debt crisis coming — and it won’t stop at Sri Lanka,” and she also discusses other countries on the brink of an economic collapse, including Pakistan, Nepal, Nigeria, Ethiopia, Panama and Argentina. Democracy Now! is an independent global news hour that airs on over 1,500 TV and radio stations Monday through Friday. Watch our livestream at https://democracynow.org Mondays to Fridays 8-9 a.m. ET. Support independent media: https://democracynow.org/donate Subscribe to our Daily Email Digest: https://democracynow.org/subscribe

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