Ngreece's odious debt pdf

So, what is alexandre sacks concept of odious debt. The concept of odious debt regroups a particular set of equitable. Greek debt revisited greece s borrowing over the past two decades can be understood as a classic case of predatory lending. Shutting down the borrowing capacity of illegitimate regimes can be viewed as a form of economic sanction and has two. The odious debt controversy is, at base, a struggle to find a workable legal doctrine. The odious debt concept seeks to provide a moral and legal foundation for severing, in whole or in part, the continuity of legal obligations where the debt in question was contracted by a prior odious regime and was used in ways that were not beneficial or were harmful to the interests of.

At the same time, mobutu and his associates extracted wealth from the country. Some considerations september 7, 2007 this discussion paper has been prepared by the economic policy and debt department of the world bank prmed with inputs from the legal department leg. Venezuela and greece will be two important test cases for the implementation of the traditional and restated. Alexander nahum sack moscow 1890 new york 1955, a russian lawyer who taught in saint petersburg then in paris, is considered to be one of the founders of the doctrine of odious debt. External borrowing and capital flight in zaire leonce ndikumana and james k. Curtailing odious debt, in contrast, is a selfenforcing sanction. In chapter one, jeff king assesses previous definitions of the term odious debt and set out procedures for applying the doctrine to a number of foreseeable situations, in a manner that is internally consistent and which accords with public policy. In this brilliant hybrid of detective work and policy analysis, patricia adams has unraveled a rats nest of third world lending to describe the debt crisis in its. The concept of odious debts international insolvency institute. The doctrine, based on a series of precedents in jurisprudence, has come in for a lot of debate. This paper starts by briefly describing possible exceptions to this doctrine by focusing on war and hostile debts.