Odious Debts Sources
02/28/2010 Ecuador’s strategic default on some of its external debt last year has drawn much commentary and generated passionate reactions. Some commentators who advocate creating a mechanism for addressing odious or illegitimate debt encouraged Ecuador to repudiate its obligations and have generally applauded its decision to do so. For those who are sympathetic to efforts to create such a mechanism, however, this enthusiasm may be misplaced. read more » |
|||
11/11/2009 Despite multilateral initiatives such as the Heavily Indebted Poor Countries (HIPC) initiative and the Multilateral Debt Relief Initiative (MDRI), in 2007 the world’s developing countries still spent a combined total of approximately USD 1.5 billion every day on external debt servicing. Amongst their number are the poorest countries in the world; these low income countries spent around USD 34 million every day on external debt servicing.1 In the current global financial crisis, many of the countries which have benefited from debt relief in recent years now face substantial risk of new debt distress. read more » |
|||
04/24/2009 The Gleneagles Summit, for all its good intentions, gave rise to unrealistic expectations. The heavy emphasis on aid and debt relief made Western actions appear to be chiefly responsible for poverty alleviation in Africa. In reality, the main obstacles to economic growth in Africa rest with Africa’s policies and institutions, such as onerous business regulations and weak protection of property rights. read more » |
|||
03/01/2009 “Odious debts” have been the subject of debate in academic, activist, and policy circles in recent years. The term refers to the debts of a nation that a despotic leader incurs against the interests of the populace. When the despot is overthrown, the new government—understandably—does not wish to repay creditors who helped prop up the despot... read more » |
|||
04/01/2008 Over the past decades, African countries have been forced by external debt burdens to undertake painful economic adjustments while devoting scarce foreign exchange to debt-service payments. On the other hand, African countries have experienced massive outflows of private capital towards Western financial centers. Indeed, these private assets surpass the continent’s foreign liabilities, ironically making sub-Saharan Africa a “net creditor” to the rest of the world. read more » |
|||
03/04/2008 According to Paul Wolfowitz, former President of the World Bank: World Bank's beneficiary countries that do not have access to capital markets mostly "remain poor because their political system is unstable, private property rights are very limited, the judicial system is weak or subservient, or the Government is corrupt" and assistance to such countries "at best provides relief [and] at worst supports corruption or programs that waste scarce local and external resources". read more » |
|||
01/01/2008 Abstract: This Article looks at the generally agreed upon characteristics of the odious debt doctrine and considers the unintended consequences and externalities that would ensue if this doctrine were ever made regularly operative. The enlivened scholarly debate surrounding the odious debt doctrine assumes that debt is the sole finance vehicle for despotic governments. This is simply not the case. read more » |
|||
01/01/2008 Abstract: |
|||
12/01/2007 Abstract: Few events in the life of a society are as heady as the ouster of a long-standing dictatorial or corrupt regime. In the euphoria that typically follows this kind of nation building, the new government will want to expunge all vestiges of the old regime - personnel, laws, decrees and offensive policies. read more » |
|||
11/27/2007 Abstract: There is a growing body of scholarship that attempts to identify workable mechanisms to enable sovereigns to repudiate 'odious' sovereign debt - obligations incurred by sovereign regimes that provide no corresponding benefit to the sovereign debtor itself. read more » |
|||
