Debt Trap Diplomacy

Last December, something remarkable happened in Sri Lanka. The nation ceded control of its Hambantota Port, which its government had been working to develop for over seven years, to China, which now holds a 99-year lease on the strategically located facility in the Indian Ocean. The New York Times reports:
Every time Sri Lanka’s president, Mahinda Rajapaksa, turned to his Chinese allies for loans and assistance with an ambitious port project, the answer was yes.
Yes, though feasibility studies said the port wouldn’t work. Yes, though other frequent lenders like India had refused. Yes, though Sri Lanka’s debt was ballooning rapidly under

Read more at The Independent Institute