odious debt


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odious debt

n
1. (Banking & Finance) international law sovereign debt incurred through activities which do not serve the best interests of the nation, esp when incurred by a despotic, tyrannical, or otherwise unjust and oppresive regime. Such debts are typically considered invalid and written off after the regime is deposed
2. (Government, Politics & Diplomacy) international law sovereign debt incurred through activities which do not serve the best interests of the nation, esp when incurred by a despotic, tyrannical, or otherwise unjust and oppresive regime. Such debts are typically considered invalid and written off after the regime is deposed
[C20: coined by Alexander Sack, Russian legal theorist]
References in periodicals archive ?
Whether the proposed new international institutions will be created using the notions of odious debt remains to be seen.
11) Once the United States realized what it had done by reviving its own odious debt doctrine, the administration started to back-pedal vigorously.
There was a burden of debt that would legitimately be declared as an odious debt and this wasn't necessarily because there was something unique about this particular Government but because there had been severe and egregious errors that it inherited.
The concept of odious debt was established in international law by Alexander Nahum Sack, a Russian born jurisprudence expert, in a paper published in Paris in 1927.
Solanas argues that the privatizations were an eventual result of the burden of odious debt contracted by the dictatorship in the 1970s and early '80s, and that subsequent pressure from the IMF for austerity measures enabled the Menem government to justify selling off the two state energy companies, YPF and Gas del Estado.
China's Big Four banks are the new "hear no evil" lenders to Africa, the latest chapter in a saga of human misery, theft and odious debt that began when the merchant banks of London financed the gold and diamond magnates of South Africa almost a century ago, a decade after the Congress of Berlin.
Sovereign finance and the poverty of nations; odious debt in international law.
It might be argued that the subject of last month's book review, Africa's Odious Debt, neatly complements Nicholas Shaxson's new book, Treasure Islands.
necessity, the Odious Debt doctrine would give legal sanction to
An Egyptian precedent would bring awareness and sobriety to an entire generation of lenders that is not accustomed to considering this type of risk, and that may even be unfamiliar with the doctrine of odious debt.
See Seema Jayachandran & Michael Kremer, Odious Debt, 96