After Sri Lanka, the Maldives, now another country seems to be tightening itself in the debt of the Chinese Dragon, Montenegro shows itself unable to repay the loan of $ 1 billion contracted with China for the Belt and Road, to make from this debt a huge highway that has been taken. but it’s only a short distance from Beijing
After Sri Lanka, Maldives, here is another country seems to be tightened in the clutches of the debt of the Chinese dragon. Montenegro, a small European country, has been unable to repay the billion dollar loan taken out from China for the Belt and Road project. This loan was taken to build a huge highway, but it was only built a short distance. Even after that, Montenegro must repay the entire debt. If Montenegro is unable to repay this debt, it will go bankrupt and China will be able to occupy its land.
What is interesting, according to the Daily Mail, is that the Chinese state-owned China Road and Bridge Corporation is engaged in this project and is building the bridge using called-in workers from China. The Chinese company has yet to complete the first section of the 270-mile highway leading to Belgrade, Serbia. This month, Montenegro is due to repay the first $ 1 billion tranche to the Chinese state-owned bank this month, but so far it is not clear whether Montenegro will be able to repay this loan. or not.
China’s Debt Cannot Be Paid Even By Selling Grandma’s Jewelry, Former Maldivian President’s Pain Has Spread
China has the right to occupy land inside Montenegro
At present, Montenegro has a debt of twice its total GDP. Under the terms of its agreement with China, if Montenegro is unable to meet the deadline, China will have the right to occupy land inside Montenegro. Not only that, the former government of Montenegro also agreed to have the dispute over this whole deal settled by a Chinese court.
Montenegro’s Deputy Prime Minister Abjovic said in May that the terms of the deal were absurd. He told Euro News: “This is not normal. This is beyond any logic of national interest. There has been a lot of debate in Europe about this road built by China. It is said that the influence China’s share of Europe is now increasing.In fact, China, through its ambitious Belt and Road Project, has attracted loans to poor countries in Asia and Africa and promised to improve their substandard infrastructure.
New Chinese debt trap victim asked to pay down payment between Maldives and Corona
Maldives sweat to pay off Chinese debt
China has huge foreign exchange reserves and with the help of this it distributes loans to the world and takes possession of their land if they are not able to repay. Sri Lanka is a good example. China took the Port of Hambantota in Sri Lanka on a 99-year lease for non-payment of the debt. At the same time, another country is losing sweat by paying off Chinese debt to the Maldives. It is the same in Djibouti and Mongolia.