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]
Collins English Dictionary – Complete and Unabridged, 12th Edition 2014 © HarperCollins Publishers 1991, 1994, 1998, 2000, 2003, 2006, 2007, 2009, 2011, 2014
References in periodicals archive ?
Equally, many of the energy sector debts - with evidence of collusion and corruption - may qualify as odious debts. The commission may find other such debts, which Pakistan may be able to persuade some if not all its lenders to write off or reduce.
Sometimes this destitution has been caused by political instability and corruption, and sometimes this has been shamefully instigated and exploited by businesses here; flogging inappropriate infrastructure projects that haven't worked, 'tooling up' repressors, and signing illegal secret contracts with dishonest rogues which have loaded Mozambique with odious debts. We need to put our own house in order.
The consequences of their irresponsibility and the odious debts loaned to a corrupt Greek elite have been passed on to ordinary taxpayers in Greece and the eurozone through the bailouts.
It would reportedly be hard for Scotland to invoke the "doctrine of odious debts", which is when debts are run up by despotic regimes and are then able to be legitimately reneged on, under international law.
Experts said some funds were being lost through odious debts, spent by officials to buy prime property abroad while other state officials spent the money on criminal debt by buying arms.
Following the end of Marcos's dictatorship, many of those who had resisted his rule formed the Freedom from Debt Coalition, calling for the non-payment of his odious debts. Loans to Marcos to build the Batan nuclear power plant - which never generated any electricity, and was built on an earthquake faultline - merely represent the most absurd example.
RAID says that the debts incurred by the ousted president who fled the country on January 14, 2011 are considered as 'odious debts "and denounces the commitment of Tunisian authorities to repay them.
For more information, please refer to the author's pub location Sovereign Finance and the Poverty of Nations: Odious Debts in International Law (May 2012).
Boyce and Leonce Ndikumana, authors of Africa's Odious Debts: How Foreign Loans and Capital Flight Bled a Continent.
Described by John Christensen, director of the Tax Justice Network, as "probably the most important book on Africa in recent years", Africa's Odious Debts exposes the dirty underbelly of the global banking industry, and the connivance of Western powers, which allows so many Africans to endure poverty.
quoted in PATRICIA ADAMS, ODIOUS DEBTS: LOOSE LENDING, CORRUPTION, AND