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Resisting U.S. and E.U., Italy plans to go into hock with China
Italy Eyes Loans from China's Development Bank for 'Belt and Road Initiative' Projects
By Davide Ghiglione, Rachel Sanderson, and James Kynge
Financial Times, London
Friday, March 15, 2019
Italy is considering borrowing from China's Asian Infrastructure Investment Bank as part of plans to become the first G7 country to endorse Beijing's contentious "Belt and Road" global investment programme.
The two countries are planning to "explore all opportunities for co-operation" in Italy and "third countries," according to the five-page draft accord obtained by the Financial Times. The wide-ranging agreement would span areas including politics, transport, logistics, and infrastructure projects.
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In a departure from previous Belt and Road Initiative accords, the two countries would "work together with the Asian Infrastructure Investment Bank," according to the working document.
The draft shows that Italy is in advanced talks with China and resisting pressure from Washington and Brussels to drop those discussions at a time of rising concerns over Beijing's ambitions and potential security threat. ...
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