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Joining China's Belt and Road was an 'atrocious' decision, Italian minister says (www.reuters.com)
submitted 1 year ago by 0x815@feddit.de to c/europe@feddit.de
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The decision to join the Silk Road multiplied China's exports to Italy but did not have the same effect on Italian exports to China, Italian Defence Minister Guido Crosetto said. "The issue today is: how to walk back [from the BRI] without damaging relations [with Beijing], because it is true that China is a competitor, but it is also a partner," Crosetto added. Italy signed up to the BRI under a previous government, becoming the only major Western country to have taken such a step.

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[-] 0x815@feddit.de 12 points 1 year ago* (last edited 1 year ago)

@AreaSix

Not long ago, the Albanian PM made similar remarks about the BRI, in Kenya you can see negative effects on workers' rights and Kenya's economic policy, Pakistan has already been an example why the project so badly fails some time ago.

China has been bailing out its own banks as the 'partner countries' could not pay their debts anymore given the partners could not benefit from their BRI projects. And the conditions for these bail-outs are far worse than what the IMF would charge in similar circumstances. While the IMF interest rates are 2%, China charges 5%.

You'll find much more information on the web. There is plenty of evidence.

[-] Blaze@sopuli.xyz 1 points 1 year ago

Thank you for this, I don't know why you are getting downvoted

this post was submitted on 30 Jul 2023
157 points (100.0% liked)

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