Honduras Ratchets Up Battle With Crypto-Libertarian Investors, Rejects World Bank Court

This is the best summary I could come up with:

The crypto crew is exploiting a dispute mechanism nested inside the World Bank, created by an obscure provision of the Central America Free Trade Agreement.

“We view the withdrawal as a critical defence of Honduran democracy and an important step toward its sustainable development,” reads the letter, which was organized by Progressive International, a left-leaning coalition.

“For decades, international arbitration courts like ICSID have allowed corporations to sue states and restrict their freedom to regulate in favour of consumers, workers and the environment.

“Between 2004 and 2019, the defendant secured and distributed millions of dollars in drug-derived bribes to Juan Orlando Hernandez, former Honduran President Porfirio Lobo Sosa and other politicians associated with Honduras’s National Party,” prosecutors wrote.

The U.S. had no evident problem with that freewheeling narco-state while Hernandez was in office and remained useful, yet once Castro took power in a backlash to the U.S.-fueled corruption, the United States suddenly rediscovered its respect for the rule of law and the sanctity of contracts with U.S. investors.

Colindres claimed that the ZEDEs had resulted in more than $100 million in foreign investment so far, and that Castro had not gotten approval from the National Congress to withdraw from the World Bank’s dispute body.

The original article contains 1,685 words, the summary contains 204 words. Saved 88%. I'm a bot and I'm open source!

7 comments

Clearly it's time for me to sleep because I read that as "Crypto-Librarian" and was very confused for a minute...
- Whatever you do, don't call him a monkey or suggest turning him back into a wizard..
This is the best summary I could come up with:
The crypto crew is exploiting a dispute mechanism nested inside the World Bank, created by an obscure provision of the Central America Free Trade Agreement.
“We view the withdrawal as a critical defence of Honduran democracy and an important step toward its sustainable development,” reads the letter, which was organized by Progressive International, a left-leaning coalition.
“For decades, international arbitration courts like ICSID have allowed corporations to sue states and restrict their freedom to regulate in favour of consumers, workers and the environment.
“Between 2004 and 2019, the defendant secured and distributed millions of dollars in drug-derived bribes to Juan Orlando Hernandez, former Honduran President Porfirio Lobo Sosa and other politicians associated with Honduras’s National Party,” prosecutors wrote.
The U.S. had no evident problem with that freewheeling narco-state while Hernandez was in office and remained useful, yet once Castro took power in a backlash to the U.S.-fueled corruption, the United States suddenly rediscovered its respect for the rule of law and the sanctity of contracts with U.S. investors.
Colindres claimed that the ZEDEs had resulted in more than $100 million in foreign investment so far, and that Castro had not gotten approval from the National Congress to withdraw from the World Bank’s dispute body.
The original article contains 1,685 words, the summary contains 204 words. Saved 88%. I'm a bot and I'm open source!
- The U.S. had no evident problem with that freewheeling narco-state while Hernandez was in office and remained useful, yet once Castro took power in a backlash to the U.S.-fueled corruption, the United States suddenly rediscovered its respect for the rule of law and the sanctity of contracts with U.S. investors.
  A tale as old as the CIA