BlackRock, the world’s largest asset and investment management company with over $10 trillion is the largest holder of Sri Lanka’s opaque ISB debt that caused the country’s Staged Default in April this year. ISBs amounts to almost fifty percent of Sri Lanka’s external debt.
In comparison to BlackRock’s trillions Sri Lanka’s external debt is a mere $ 26 billion. Black Rock also got huge Covid Bailout funds from the US government to asset strip around the world during economically devastating global lockdowns in 2020, and is an investor in India’s Adani Group.
Ironically, the IMF which does not distinguish between illiquidity and insolvency has assessed Sri Lanka’s $26 billion external debt as unsustainable although the island is oil, gas and mineral rich and located at the Center of the Indian Ocean on the world’s busiest trade and undersea data cables, which if properly taxed would render the island super-rich!VOODOO ECONOMICS: ‘Black Heart’, BlackRock & The Asset-Stripping Of Sri Lanka | RIELPOLITIK