Commentary: Countries victims of ‘ninja’ loans
By Herbert Poenisch in Beijing
Countries need infrastructure in much the same way that US families needed houses before the 2008 financial crisis. The ‘American dream’ was to provide everyone with their own home. Similarly, poorer countries dream of infrastructure, to propel them to prosperity. People in the US bought houses through ‘no income, no jobs, no assets’ (‘ninja’) loans, unsure of how to reimburse their bank. Countries are doing the same...