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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.

Essays and reports - Export Credit Agencies

Export credit the new 'odious debt' of the Third World  by Upstream Journal, Sept/Oct 2006, Vol 20, No 4/5 (p 13)
Patricia Adams, executive director of Probe International, speaking to the European Commission Conference on Export Credit Agencies and Sustainable Development, 20 June 2006, Brussels. September 1/2006

Free the Third World of export credit agencies  by Patricia Adams
In the presence of overwhelming evidence of harm, and in the absence of any legitimate public policy benefit, export credit agencies should be shut down. National Post  June 21/2006

Export credit debt prevention  by Patricia Adams
Three steps to protecting future generations from export credit agencies. Address to the European Commission Conference on Export Credit Agencies and Sustainable Development  June 20/2006

Exporters to identify agents and face random audits in anti-bribery drive  by Jean Eaglesham
Exporters will have to identify middlemen and face random audits to detect potential bribes under tough anti-corruption rules issued by the government yesterday. Financial Times  April 5/2006

Agency to boost anti-corruption  by BBC News
The Export Credits Guarantee Department (ECGD) offers UK exports insurance against non-payment. March 17/2006

BAE ordered to name payment agents  by David Leigh and Rob Evans
BAE Systems, Britain's biggest and most influential arms company, has been ordered to reveal the identity of agents it uses to make secret payments abroad. The Guardian  March 17/2006

Significant victory for the fight against corruption  by Corner House
Export Credit Guarantee Department re-improves its anti-corruption procedures. March 15/2006

'Few countries have much mettle for enforcing anti-bribery laws'  by CIOB International News (The Chartered Institute of Building)
According to Probe International in Toronto, Germany and Japan are challenging efforts to tighten anti-corruption guidelines covering companies supported by official export credit agencies. February 27/2006

Covering letter for the ECA-Watch briefing paper on bribery in its phase 2 reviews   by ECA-Watch: 
"The paper details comments made so far about Export Credit Agency practice on combating bribery and looks at the recommendations made by the OECD Working Group on Bribery and Phase 2 peer review examiners for improving ECA practice" regarding bribery. February 24/2006

Experience and Practice of Combating Bribery in Officially Supported Export Credits  by Prepared by Dr. Sue Hawley, The Corner House, on behalf of ECA-Watch
The evidence so far from the OECD Working Group on Bribery Phase 2 reviews. February 24/2006

Germany and Japan block new anti-bribery guidelines for export credit agencies  by Odious Debts Online
Anti-bribery watchdog calls OECD guidelines "paper tiger" anyway. February 24/2006

Export bribery rules challenged   by BBC News
Germany and Japan are challenging new draft global anti-corruption guidelines for exporting companies. February 15/2006

Export credit agencies’ graft crackdown stalls  by Hugh Williamson 
Germany and Japan are blocking efforts to tighten anti-corruption controls covering companies supported by official export credit agencies, according to confidential documents obtained by the Financial Times. The Financial Times   February 15/2006

Groups fear Canadian funding for Romanian mine  by Stephen Leahy
The World Bank's refusal to help fund a Canadian company's controversial development of a huge open pit gold mine in Romania has raised concerns the Canadian government will step in with money. Inter Press Service News Agency  November 16/2003

Ex-insider settles some old scores: A Review of Globalization and its Discontents by J. E. Stiglitz  by Patrick Grady
The searing criticisms of IMF policies and programs are mostly on target and come from none other than Joseph Stiglitz, the former Chief Economist of the World Bank. The Globe and Mail Book Review  June 22/2002

EDC releases environmental and disclosure practices
Export Development Canada (EDC) has released revised policies governing its environmental and disclosure practices following a 60-day comment period. EDC News Release  May 30/2002

Debt aspects related to Export Credit Agencies  by Romilly Greenhill, Jubilee Research
Paper for UK Seminar on Export Credit Agency Reform - "Beyond Business Principles" House of Commons, UK: Recommendations for the Export Credit Guarantee Department (ECGD) on Debt and Export Credits May 23/2002

Export Credit Agency finance in Indonesia  by Stephanie Fried and Titi Soentoro
EDF report concludes that ECAs played a major role in financing environmentally and socially unsustainable investments by assisting foreign investors in supporting Suharto's system of economic and political monopolies.
Joint Project of Environmental Defense and Bioforum  January 1/2001

Publicly guaranteed corruption  by Peter Bosshard
According to Peter Bosshard, foreign companies gained from Indonesian corruption while recieving political and financial support from northern governments, international financial institutions and export credit agencies.
Berne Declaration  November 1/2000

Export Credit Agency finance in sub-Saharan Africa
ECA activities in Africa are linked to mismanagement, environmental disruption, corruption, and increasing social conflict.
Environmental Defense  July 1/2000

Export Credit Insurance and the fight against international corruption  by Dieter Frisch
Transparency International proposes a broad framework to encourage transparency in export credit agencies. Transparency International Working Paper  February 26/1999

Debt creating aspects of export credits  by Michiel Van Voorst
Export Credit Guarantees should, as a rule, only be extended for development purposes. However, increases in export credit guarantees seem to reflect an exporter-driven drive for business, rather than a borrower-driven need for funding.
Eurodad  August 1/1998



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