German bank Commerzbank Partners with China's bank for its One Belt One Road Project

Discussion in 'Economics' started by JSOP, Jul 20, 2018.

  1. JSOP

    JSOP

    https://www.marketwatch.com/story/commerzbank-chinas-icbc-ally-on-belt-and-road-2018-07-19

    China's ICBC bank is actually the largest bank in China and it partners with Commerzbank, Germany's 4th largest bank for its ambitious project. According to this Wikipedia article, https://en.wikipedia.org/wiki/Commerzbank, the bank is notorious for its involvement in money laundering by regimes from Iran, Sudan, Myanmar, helping a Japanese company to commit accounting fraud and most recently it's being investigated for tax evasion schemes. And now it's in bed with a communist regime for worldwide "infrastructure" project? Hmmmmnnnn... Very interesting...

    I don't know how the partnership is going to work though. So far according to the article, Commerzbank is only lending the money (many times to countries who can't really repay the loan) and China gets the ports or the infrastructure and Commerzbank just eats the losses??!! Furthermore, if Commerzbank has been known to be in bed with regimes of "interesting character", WHERE is its funds that it's giving to China is coming from? And if Commerzbank also gets a share or "cut" of these ports or infrastructure, does that mean all those who are providing the funds to Commerzbank who get a share of ports or infrastructure with some of them in Europe??!! Europe just tried their hardest to get rid of migrants, how would they feel one day their ports are going to be outright owned by Iran, Sudan and Myanmar, I wonder.