2023-11-28 01:18:20
A famous proverb says: “He who borrows money becomes the slave of the one who lends him.” The book ‘The Secrets of Chinese Debt’ details the vassalage of Ecuador, due to the conditions under which the loans from the Asian giant were received.
Guillermo Lasso will visit China to renegotiate the debt and strengthen ties
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The interest at the level of usury and the disbursement of conditional resources, for example, in the construction of road works, schools, hydroelectric plants, etc., which today present failures, are deteriorated by the use of bad materials…
(You can also read: China’s “corrosive” money, under the magnifying glass)
‘The secrets of Chinese debt’ is a book written by Katerine Erazo, Cristina Solórzano, Mercedes Álvaro and María Elena Verdezoto and is coordinated by Christian Zurita, former presidential candidate and investigative journalist. He appears on Tuesday, November 28, in Quito.
Billions of dollars from China arrived in Ecuador through the formula of oil pre-sales. In general terms, they are agreements in which Ecuador committed to the future sale of its oil through contracts with Asian companies. They functioned as a mechanism to obtain advance money for the State and even access to loans with Chinese banks with rates that have been reported as high (up to 7.25%), but they implied long-term commitments, about 16 years, for the production and export of crude oil from the country.
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