External debt of Haiti in the context of "2010 Haiti earthquake"

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⭐ Core Definition: External debt of Haiti

The external debt of Haiti (French: Dette Extérieure d'Haïti) is a notable and controversial national debt which mostly stems from an outstanding 1825 compensation to former slavers of the French colonial empire and later 20th century corruptions.

The French Revolutionary and Napoleonic Wars in Europe allowed rebel Haitian slaves to overpower French colonial rule and gain independence in the 1791–1804 Haitian Revolution. The restored French monarchy, supported by European monarchies, sent the 1825 French expedition to Haiti to demand, with military menace, massive compensations: Haiti had to repay the French government and former slaveholders $112 million French francs (more than $560 million in current U.S. dollars) for the loss of massively profitable slave-plantation assets and revenues. This price for independence was financed by French banks and the American Citibank, and finally paid off in 1947.

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👉 External debt of Haiti in the context of 2010 Haiti earthquake

The 2010 Haiti earthquake was a catastrophic magnitude 7.0 Mw earthquake that struck Haiti at 16:53 local time (21:53 UTC) on Tuesday, 12 January 2010. The epicenter was near the town of Léogâne, Ouest department, approximately 25 kilometres (16 mi) west of Port-au-Prince, Haiti's capital.

By 24 January, at least 52 aftershocks measuring 4.5 or greater had been recorded. An estimated three million people were affected by the quake. Death toll estimates range from 100,000 to about 160,000; the Haitian government estimated the death toll to range from 220,000 to 316,000, although these figures are a matter of some dispute. The earthquake is the deadliest natural disaster of the 21st century for a single country. The government of Haiti estimated that 250,000 residences and 30,000 commercial buildings had collapsed or were severely damaged. Haiti's history of national debt, prejudicial trade policies by other countries, and foreign intervention into national affairs contributed to the existing poverty and poor housing conditions that increased the death toll from the disaster.

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