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by Hajj Ahmad Thomson "The strategy of fostering unrepayable national debts in Europe was extended overseas in what has become termed the neo-colonial phase, whereby former colonies were granted political independence once economic dependence on the international banking system had been firmly established. While they were granted the headache of governing in accordance with various hybrid forms of constitutional democracy, these newly “independent” countries remained subjected to the conditions imposed by the World Bank and the International Monetary Fund which ensured that their valuable natural resources could be purchased in return for national loans in their local currencies artificially devalued on the international money markets. In other words, overt political dependency was replaced by covert economic dependency." Universitas Muhammadiyah Jakarta. 2015.