To mark the 200th anniversary of Haiti's independence, the French president has pledged to ”look history in the face”, creating a commission to study the impact of the ”double debt” imposed on Haiti in 1825. In 1804, Haiti defeated Napoleon and became the first independent black republic. But in 1825, French King Charles X demanded reparations for lost colonial profit. Haitians became the first slaves having to repay their oppressors.

Though the original debt was paid off by 1883, Haiti continued repaying high-interest loans to French and American banks until 1952, hence the ”double” debt. In 1900, 80% of the Haitian state budget was still devoted to debt repayment, while banks were making a profit out of it.

Experts estimate that, without this financial stranglehold, Haiti might now have been on par with the Dominican Republic – its neighbour with public schools, a metro system, and subsidised healthcare – not one of the poorest countries in the world. A 2022 New York Times investigation estimated for the first time the real cost of the debt. The $560 million (€494 million) Haiti paid could have grown into $21 billion if invested domestically.

Indonesia and Brazil were also burdened with high bills for their independence. Both Indonesia and Brazil were burdened with financial penalties as the price of their independence. During negotiations with the Netherlands, Indonesia was forced to take on 4.3 billion guilders of Dutch colonial debt – equivalent to about $103 billion (€90 billion) today. Similarly, Brazil paid Portugal £2 million in 1825 to have its independence officially recognised. It had to borrow that sum from Britain, starting its post-colonial era indebted to a new imperial power.