BEGGAR NATION: Six-power group to win financial control of China

china-beggar

Recently China has been having difficulty paying its debts, to the point that Russia is now threatening to foreclose on China and seize part of Manchuria. The New-York Tribune reports on how China has saved itself from the immediate crisis, at the price of ceding to a six-power lending group control of its finances.  The essential terms of a loan totaling $125 million, with U.S. banks advancing $25 million of it, have been worked out.

The Chinese capitulation to financial reality is now complete.  As the Tribune notes: “[T]he terms are practically the same as those rejected by China last summer.  This means that there will be virtually a financial protectorate representing the international group.”

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One Response to BEGGAR NATION: Six-power group to win financial control of China

  1. Pingback: FIRE SALE: All Chinese lands outside Great Wall may be up for auction | Retropundit

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