Odious Debts Contemporary Issues
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Odious Debts Contemporary Issues
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Author : M. N. Bhavani
language : en
Publisher:
Release Date : 2009-01-01
Odious Debts Contemporary Issues written by M. N. Bhavani and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-01-01 with Debt relief categories.
Odious debt doctrine permits a State to repudiate the liabilityof a sovereign debt on grounds of legitimacy of borrowingby the previous regime. Such repudiations were made bycountries like Iran, Cuba, Costa Rica, Turkey and latestregime of Iraq. The contention made under the doctrine isthat the debt is odious for the population of that country as thedebt raised by the previous regime was not used for publicpurposes. The doctrine provides relief to innocent citizens ina tragedy where the immoral and corrupt rulers are allowed togo scot-free. There is no structured international legal regime to define odious debtsand provide relief to innocent citizens.
Sovereign Finance And The Poverty Of Nations
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Author : Yvonne Wong
language : en
Publisher: Edward Elgar Publishing
Release Date : 2012-05-01
Sovereign Finance And The Poverty Of Nations written by Yvonne Wong and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-05-01 with Business & Economics categories.
''Yvonne Wong''s book is one of the best treatments of the Odious Debt problem in the literature. It is thorough, balanced and yet manages to be creative. I have already used an early version in my International Debt class and the discussions that were generated were excellent. For anyone seeking to tackle this age old problem, I highly recommend this book.'' Mitu Gulati, Duke University, US''With some excellent historical research and important analysis of "odious debt" accumulation and sovereign debt restructuring mechanisms in modern times, this book is placing the issue of "odious debt" at the heart of International law. Thus, it will prove an indispensable companion to any scholar or policy-maker who wishes to gain a multi-prismatic understanding of "odious debt" illegality and its implications for the welfare of entire nations.'' Emilios Avgouleas, University of Edinburgh, UK''Whenever a strict application of the law produces a result that is at variance with a general sense of what is morally right, trouble is surely in the offing. This is the central thesis of Yvonne Wong''s Sovereign Finance and the Poverty of Nations. When is it legally permissible, when is it ethically acceptable, for a sovereign borrower to disavow a debt incurred in the name of the sovereign state, but not for its (or its citizens'') benefit? And if debts incurred by unscrupulous politicians in one era can be disowned by their successors later on under gauzy notions of "illegitimacy" or "odiousness", what will prevent future unscrupulous politicians from casually dishonoring sovereign obligations that they would just prefer not to pay? These are deep waters, legally and morally. Wong has given us a fascinating insight into one of the most disquieting issues in international financial law.'' Lee C. Buchheit, Cleary Gottlieb Steen & Hamilton LLP, US''This book provides a very valuable contribution to the discussion about odious debts in that it, quite successfully, structures the often rather elusive argumentation. By developing a new and stringent approach to the emergence of a valid legal concept of odious debts, the author presents a fresh perspective to its underlying evaluations and allows, thus, a re-consideration of the need for effective rules in this context. This book will certainly influence fundamentally the future debate of odious debts.'' Christoph G. Paulus, Humboldt-Universitat zu Berlin, Germany''Saddam Hussein was overthrown and executed, but his successors to power are still liable for the debts that he contracted for the nation. Odious regimes can create debts without consent or benefit of their citizens who must subsequently repay them. This fact puzzles both international law specialists and intellectuals who read magazines like The Economist. Theresult seems wrong, but the right solution is elusive. Yvonne Wong''s important and timely book solves some of the puzzles by using methods and theories from international law, economics, and political science. It explains the law and politics inherent in sovereign debt arrangements, and proposes a new legal framework for odious debt.'' From the foreword by Robert CooterNational debts incurred by illegitimate regimes against the best interests of the citizens is a serious problem of international economics and politics. These sovereign debts, often referred to as odious debts, deplete the public purse and create an ongoing financial liability that serves to constrain investment and economic growth, and conspires to keep millions in poverty. This important and timely book explains the legal principles and politics involved in the issue of odious debts, and sovereign debt arrangements more generally. The author goes beyond abstract arguments and proposes legal rules and international regulation that should be put in place to create the right incentives to stop the transmission of odious debts. Her proposal is for a registration scheme for sovereign debt, and the imposition of positive duties on financiers who provide loans to sovereign borrowers.Sovereign Finance and the Poverty of Nations will appeal to students, academics, debtactivists, policymakers, international finance practitioners and anyone with a general interest in sovereign finance affairs.
Rethinking Sovereign Debt
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Author : Odette Lienau
language : en
Publisher: Harvard University Press
Release Date : 2014-02-18
Rethinking Sovereign Debt written by Odette Lienau and has been published by Harvard University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-02-18 with Business & Economics categories.
Conventional wisdom holds that all nations must repay debt. Regardless of the legitimacy of the regime that signs the contract, a country that fails to honor its obligations damages its reputation. Yet should today's South Africa be responsible for apartheid-era debt? Is it reasonable to tether postwar Iraq with Saddam Hussein's excesses? Rethinking Sovereign Debt is a probing analysis of how sovereign debt continuity--the rule that nations should repay loans even after a major regime change, or else expect consequences--became dominant. Odette Lienau contends that the practice is not essential for functioning capital markets, and demonstrates its reliance on absolutist ideas that have come under fire over the last century. Lienau traces debt continuity from World War I to the present, emphasizing the role of government officials, the World Bank, and private markets in shaping our existing framework. Challenging previous accounts, she argues that Soviet Russia's repudiation of Tsarist debt and Great Britain's 1923 arbitration with Costa Rica hint at the feasibility of selective debt cancellation. Rethinking Sovereign Debt calls on scholars and policymakers to recognize political choice and historical precedent in sovereign debt and reputation, in order to move beyond an impasse when a government is overthrown.
Odious Debt In Retrospect
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Author : Daniel K. Tarullo
language : en
Publisher:
Release Date : 2007
Odious Debt In Retrospect written by Daniel K. Tarullo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
Current interest in the problem of "odious debt" is intertwined with other problems that afflict many developing and emerging market countries: despotic governments, unsustainable external debt burdens, and large-scale official corruption. If the universe of odious debt cases is relatively small, then it is likely uneconomical to develop an extensive legal apparatus ex ante. If the universe of odious debt cases is relatively large, it is very likely because the definition is so broad as essentially to create a special legal regime for lending to sovereigns. Even assuming such a special regime to be desirable, it is almost surely better to create it directly, rather than by stretching beyond recognition the original concept of odious debt. If the universe of odious debt cases falls somewhere between these points, then it likely overlaps substantially with the larger problems of despotism, unsustainable debt, or corruption. In that circumstance, it may be preferable - as a matter of law and politics - to focus on responses to those larger problems. Thus, even though an elaborated doctrine of odious debt may not be advisable, the concept is a potentially effective organizing principle for generating the political will to address these other persistent, debilitating problems.
The Doctrine Of Odious Debt In International Law
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Author : Jeff King
language : en
Publisher: Cambridge University Press
Release Date : 2016-05-26
The Doctrine Of Odious Debt In International Law written by Jeff King and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-05-26 with Business & Economics categories.
This book outlines how odious debts are not legally binding under international or domestic law, contrary to widely held legal opinion.
Restructuring The Odious Debt Exception
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Author : Bradley N. Lewis
language : en
Publisher:
Release Date : 2007
Restructuring The Odious Debt Exception written by Bradley N. Lewis and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
Sovereign debts are persistent - as financial obligations of a sovereign state, these debts survive the regime which contracted for them and bind future governments until the creditors are satisfied. Only under limited circumstances does international law allow for the cancellation of such debts. In the early twentieth century, Alexander Sack defined a class of sovereign debts - odious debts - which are particularly deserving of cancellation. To qualify as odious, a debt's proceeds must have been literally or effectively stolen by a tyrant, leaving the population she once ruled to pick up the check. Sack's purpose for what has become known as the Odious Debt Doctrine is laudable: the former subjects of a deposed dictator should not be accountable for the odious debts that ruler contracted. The current doctrinal formulation, however, is unworkable. Courts are ill-suited to screen debts or regimes for odiousness, and contemporary sovereign lending practices are not adequately addressed by Sack's rule. These twin problems of administrability and scope have kept the Odious Debt Doctrine from becoming an enforceable rule of international law. Unlike much of the extant scholarship concerning odious debt, this Article aims to reconstruct an independent legal doctrine that is both judicially administrable and applicable to a wide variety of debts. The key to this novel conceptualization of the odious debt problem is that it replaces the traditional objects of analysis - the debt or regime in question - with a new analytical target: the debtor's expenditures. For decades, the national laws of taxation have reliably sorted expenditures for favorable or unfavorable tax treatment, and the doctrine I propose - the Odious Expenditure Doctrine - co-opts this framework for a similar purpose. At base, it is not the people who contract them, the creditors who lend them, or the terms of their transfer that make debts odious. What makes a debt odious is the villainy it funds. The Odious Expenditure Doctrine reflects this realization, and constructs a rule that enables the judicial enforcement of Sack's original goals.
The Debt System
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Author : Éric Toussaint
language : en
Publisher: Haymarket Books
Release Date : 2019-04-23
The Debt System written by Éric Toussaint and has been published by Haymarket Books this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-04-23 with Business & Economics categories.
“A compelling explanation of the deep-seated mechanisms at work in the international credit system” from the coauthor of Debt, the IMF, and the World Bank (Counterfire). For as long as there have been rich nations and poor nations, debt has been a powerful force for maintaining the unequal relations between them. Treated as sacrosanct, immutable, and eternally binding, it has become the yoke of choice for imperial powers in the post-colonial world to enforce their subservience over the global south. In this ground-breaking history, renowned economist Éric Toussaint argues for a radical reversal of this balance of accounts through the repudiation of sovereign debt. “Since 2008 CADTM has campaigned for ‘a new doctrine of illegitimate, illegal, odious, and unsustainable debt’ cancellation. This doctrine includes considerations of whether the debtor state is democratic, whether it respects human rights, whether the debt is incurred within the framework of ‘structural adjustments’ (enforced austerity), and includes all debts incurred to pay back previous odious debts. On grounds of global social justice, The Debt System makes a strong case for this new doctrine.” —Against the Current “This work has much to commend it; it provides detailed analyses of the impact of indebtedness in several nations . . . The author shows that, contrary to orthodox arguments, debt repudiation can be both justified and successfully carried out. I recommend the book wholeheartedly.” —Counterfire
Odious Debt
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Author : Stephania Bonilla
language : en
Publisher: Springer Science & Business Media
Release Date : 2011-07-07
Odious Debt written by Stephania Bonilla and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-07-07 with Law categories.
Stephania Bonilla analyzes the dynamics of sovereign debt relations and looks at how the incentive structures of the parties involved can have implications on odious debt. She specifically looks at the role of international law in the reputation mechanism sustaining creditor-debtor relations.
Devilry Complicity And Greed
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Author : David C. Gray
language : en
Publisher:
Release Date : 2011
Devilry Complicity And Greed written by David C. Gray and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
The doctrine of odious debts came into its full in the eighteenth and early nineteenth century to deal with the financial injustices of colonialism and its stalking horse, despotism. The basic rule, as articulated by Alexander Sack in 1927, is that debts incurred by an illegitimate regime that neither benefit nor have the consent of the people of a territory are personal to the regime and are subject to unilateral recision by a successor government. While the traditional doctrine focused on the nature and circumstances of individual debts, it has been expanded in recent years, moving the focus from the details of particular debts and placing the weight of the doctrine on an assessment of the regime itself. The consequence of this move is to allow successor regimes to void all debts incurred by predecessors who indulged in autocratic rule, corruption, and violations of basic human rights. This shift is not without controversy. The contest stems, in part, from the fact that the structural and behavioral characteristics of regimes that might be regarded as odious are diverse, as are the relationships between these regimes and their subjects. Even a cursory survey of these differences presents a more complicated taxonomy of odious debts than is suggested either by Sack's version of the doctrine or by voiding wholesale all debts incurred by regimes that do bad things. This article exposes this complexity and, in broad Linnean strokes, proposes a rough classification of odious regimes and their debts. It then connects odious debt debates to broader issues relevant to transitional justice. In particular, the article focuses on odious regimes characterized by systematic and institutional human rights abuses and argues that fundamental goals of transitional justice warrant against successors' voiding unilaterally debts incurred by their predecessors. Failing to disclaim duties to repay does necessarily leave transitional regimes on the hook for debts incurred by their predecessors. Businesses, banks, and nations that invest in abusive regimes must assume the burdens of their own responsibility for past abuses. The article contends that debts incurred by abusive regimes mark duties of repair owed by those who invested in the past regime. So, while successors to merely corrupt regimes may not have a duty to repay under traditional odious debt rules, in the case of a truly abusive regime, the sword swings the other way, imposing a duty on lenders to compensate those victimized by their past engagements. The article recognizes that this approach to the debts of odious regimes presents potential problems and concerns for investors and the citizens of marginal states, but concludes that through a robust practice of corporate social responsibility corporations and financial institutions can safely invest in marginal regimes while also helping to advance our international human rights culture.
Odious Debts And State Corruption
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Author : David A. Skeel
language : en
Publisher:
Release Date : 2007
Odious Debts And State Corruption written by David A. Skeel and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Debt relief categories.
Part 3. "Private Domestic Law Analogies & Solutions", featuring Lee Buchheit, Deborah DeMott, Adam Feibelman, Melissa Jacoby, Bob Rasmussen, Chantal Thomas, and Robert Thompson.