#odious debt

[majoringindebt]

Argentina has reneged on foreign debt obligations at least seven times, starting in 1827. The latest was in July 2014, when Argentina defaulted rather than give in to pressure from Paul Singer of Elliott Management. The fight with Singer has been going on for a dozen years, and the term vulture investor—rather esoteric in much of the world—is now pretty much universally known in Argentina. It’s so much on people’s minds that Buenos Aires toy stores carry a homegrown board game called Vultures, packaged in a box depicting a pair of the birds picking at a pile of dollars. “We planted the anti-vulture flag in the world,” President Cristina Fernández de Kirchner said in a speech in mid-May. 'We gave a name to international usury and despotism.'

Why Argentina Consistently, and Unapologetically, Refuses to Pay Its Debts

[otpglobal]

“Odious debt” has finally arrived: Greece to write off “illegal” debt http://t.co/iV3S07mYAJ pic.twitter.com/xPXBGWe1Wn

— PPI (@ppinternational) April 12, 2015

As a reminder, this is what Odious Debt is: In international law, odious debt is a legal theory which holds that the national debt incurred by a regime for purposes that do not serve the best interests of the nation, should not be enforceable. Such debts are thus considered by this doctrine to be personal debts of the regime that incurred them and not debts of the state. In some respects, the concept is analogous to the invalidity of contracts signed under coercion.

[gershonposts]

"Odious Debt" Has Finally Arrived: Greece To Write Off "Illegal" Debt

It was back in June 2011 when we first hinted that the time of Odious Debt is rapidly approaching.

As a reminder, this is what Odious Debt is: In international law, odious debt is a legal theory which holds that the national debt incurred by a regime for purposes that do not serve the best intere…

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[arssubtilis]

Catastroika http://www.catastroika.com/

[alxndrasplace]

(The Real News)  Africa Lost 1.6 Trillion in Capital Flight and Odious Debt Over Forty Years

Léonce Ndikumana (Professor of economics at the University of Massachusetts, Amherst)  :  $619 billion of embezzled capital flight from North Africa with connivance of big banks according to new research

[omnewswire]

Philip Pilkington: Are the Irish People to Blame for Reckless Borrowing? naked capitalism (Yves Smith) - 2/2/12 12:07 AM By Philip Pilkington, a journalist and writer living in Dublin, Ireland Recently the Irish Taoiseach Enda Kenny pandered to his base once again by saying that the Irish people are to blame for the current state of their economy due to reckless borrowing undertaken during the boom years. I refer not to his base in Ireland, of course — their opinion has hardly mattered since the election — I refer instead to his base among the international financial community. For it is these people that need Kenny’s confession because it is their economic model that has been proved false by the Irish crisis — and so a mea culpa is needed from the victims so that they can avoid the responsibility that they know they bear. This little stunt by Kenny made most Irish people spit and a political analyst might wonder what Irish voter would Kenny appeal to after laying the blame on the ‘Irish people’ in the abstract. It was a stupid move by a politician long known for his tactlessness. But it also says something about what the international financial community require of the countries that they have destroyed.