by tonytran2015 (Melbourne, Australia).
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(Blog No. 1xx).
#expansionism, #predatory loan, #infra-structure, #small nation, #China, #loan leases, #Sri Lanka port,
Expansionism by predatory loans.
People in Western countries have seen with their own eyes the method of forcing sale of valuables of borrowers by predatory pay day lenders, short terms money lenders or underworld lenders. Basically the borrowers needing the money must use their valuables (watches, rings, antique items) as security to obtain short term loans from pay day lenders or money lenders or underworld lenders. The interest rate from these lenders are outrageously high (10% a week, or even 10% a day) such that the loan grows exponentially to the point that the borrowers cannot repay and have to lose their valuables.
This practice has now spread…
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