External debt of Haiti
From The Art and Popular Culture Encyclopedia
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The external debt of Haiti is one of the main factors that has caused the country's persistent poverty. After the Haitians declared themselves free and the country independent in 1804, France demanded that the newly formed country pay the French government and French slaveholders the modern equivalent of US$21 billion for the "theft" of the slaves' own lives and the land that they had turned into profitable sugar and coffee-producing plantations. This independence debt was financed by French banks and the American Citibank, and finally paid off in 1947.
Later, the corrupt Duvalier dynasty added to the country's debts, and is believed to have used the money to expand their power and for their personal benefits. In the early 21st century, and especially after the devastating earthquake in 2010, the World Bank and some other governments forgave the remaining parts of Haiti's debts. France forgave a more recent loan with a balance of US$77 million, but has refused to consider repaying the independence debt.
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