Highway To Nowhere Drives Entire Country Deep Into Debt gizmodo.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gizmodo.com.au Daily Mail and Mail on Sunday newspapers.
PODGORICA, Montenegro The section of highway that threatens to cripple Montenegro’s economy begins in the foothills outside the capital Podgorica, where scaffolding lines a multi-lane expressway closed off to the public. The highway ends, for now, in the remote mountainous terrain east of the city.
The Chinese state-owned company hasn’t finished construction yet, so cars are using the old road underneath it. The highway hasn’t been paid for yet, either. The first installment of the $1 billion loan from a Chinese state bank is due in July, and it’s unclear whether Montenegro, whose debt has climbed to more than a 100% of its gross domestic product due to this project, will be able to afford it. What’s worse, says the country’s former Justice Minister Dragan Soc, once completed, the road won’t lead anywhere anyway. “We make a joke: It is a highway from nothing to nothing,” he says.