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The Third World's Odious Debt
The South makes compelling moral arguments to cancel its foreign debts. But, it also has an indisputable legal case because the overwhelming majority of those debts are odious in law.
"If a despotic power incurs a debt not for the needs or in the interest of the State, but to strengthen its despotic regime, to repress the population that fights against it, etc., this debt is odious for the population of all the State."
- Alexander Sack, 1927
In 1927, Alexander Sack the world's pre-eminent legal scholar on public debts, defined the Doctrine of Odious Debts, which remains the ultimate legal source on that subject. The Doctrine of Odious Debts, though now 70 years old, helps bring clarity to today's complicated Third World debt situation, and fairness to a tragedy in which innocent Southern citizens pay, and corrupt and negligent borrowers and lenders get away scot-free.

News articles - Iraq

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Novinite, Bulgaria   June 25/2003

U.S. may spare Bulgaria sanctions over stand on war crimes court   

An amendment has been tabled in the US Congress, under which Bulgaria will be treated as an equal member of the Alliance and will not be subject to the US sanctions over its stand on the International Criminal Court.

Finance Minister Milen Velchev, who is on a visit to the United States, announced that, adding the move makes Bulgaria's position much more favourable.

Representatives of the US Congress and Senate have approached with understanding Bulgaria's decision to join the common EU stand against signing immunity pacts with Washington.

The meeting at the National Security Council, whose decisions are considered to have strong influence on the opinion of the President, will be crucial for reaching a favourable for Bulgarian decision, Minister Velchev said.

Two days earlier the United States warned Bulgaria of freezing nearly USD 20 M of additional military aid to the Balkan country over its stand on the war Crimes Court.

The dispute over signing immunity pacts with Washington boils down to the right of forces overseas personnel to be shielded from frivolous or politically inspired prosecutions.

The Bush administration has already formally warned European Union nations of a "very damaging" fight if they continue opposing immunity for US citizens at the International Criminal Court.

Minister Velchev and his deputy, Krassimir Katev, has embarked on a series of talks with US administration officials in Washington on three possible options for settling of USD 1,7 B Iraqi debt to Bulgaria - US-offered compensation, partial repayments by oil deliveries and negotiating a resettlement of the Iraqi debt.

Minister Velchev has also proposed Bulgarian companies as subcontractors in reconstruction projects US Bechtel Enterprises is to implement in Iraq.

http://www.novinite.com/view_news.php?id=23653



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