The story dates back to the early 19th century. In 1804, the enslaved people of Haiti rose up, leading a rebellion against French colonial rule, founding the world’s first Black republic. Under military threat from France in 1825, Haiti agreed to pay reparations to France for lost so-called property, including enslaved people, that French owners lost in the rebellion. France threatened to invade and reimpose slavery if Haiti did not agree to a staggering amount in reparations: 150 million francs — 30 times Haiti’s annual revenue. Haiti began taking out loans from French banks, leading to an economic crisis that continues through to this day. The New York Times estimates Haiti paid the equivalent of what’s now $560 million to France over the next seven decades. The true economic cost to Haiti is estimated to be an astounding $115 billion. And that only tells a part of the story.
In 1880, a French bank established Haiti’s first national bank, essentially putting France in control of Haiti’s treasury. That bank, Crédit Industriel et Commercial, used some of its massive profits to help finance the Eiffel Tower. The bank’s current owner has just launched an investigation into its dealings with Haiti and its role in what’s called the ecosystem of colonialism — that bank, CIC.
The Times series also looks at the U.S. military occupation of Haiti that lasted from 1915 to 1934. A key backer of the U.S. occupation was the National City Bank of New York,
— source democracynow.org | May 24, 2022