CANBERRA, Australia (AP) — the U.S. that is new ambassador Australia stated Wednesday that he’s concerned with just how Asia lends cash to developing Pacific countries with what he defines as “payday loan diplomacy.”
Arthur Culvahouse Jr. told reporters in Canberra it was as much as U.S. allies and Western democracies that are liberal teach individuals in regards to the problems of such loans.
U.S. Vice President Mike Pence formerly warned of Asia deploying “debt traps” against developing Pacific countries.
“i might utilize more powerful language. I would personally make use of loan that is payday,” Culvahouse said.
He said “the cash appears appealing and simple upfront, you better browse the small print.”
Asia categorically rejects accusations it is merely acting in the best interests of both sides in such transactions that it uses loans, grants and other financial inducements to extend its diplomatic and political reach, saying. Continue reading “New United States ambassador warns of Asia’s вЂpayday loan diplomacy’”