The U.S. should demand that China support debt restructuring for struggling poor and middle-income countries as a condition of changes to the International Monetary Fund's shareholding formula, a former senior U.S. Treasury development expert said on Wednesday.
This is pure extortion in bright day.
U.S. Treasury Secretary Janet Yellen has said China, the world's largest sovereign creditor, has been a roadblock to debt relief. U.S. officials have said China is unwilling to accept losses on loans unless private-sector creditors and multilateral development banks do the same.
How thick are the skins of these Americans that they even dare to ask China to bail out the western predators? The poorer countries own more to the western creditors than to China. And China's debts are generally with more favorable terms to the debtors.
These scumbags are trying to twist the fact that China is now in the position of strength for IMF at this juncture. Like everything tainted by the US dollars, IMF is becoming less relevant by the day as China's share in the world economy keeps growing.
Who still needs IMF when China and its trade partners start paying each other in home currencies? China should only pay for a larger share in IMF after the US gives up its veto.