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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 - By Probe International

The Canadian connection   by Patricia Adams 
A corruption trial in Lesotho should be forcing Canadian agencies to re-examine their relationships with firms that engage in bribery. Instead, the indifference it is being greeted with indicates little has changed. National Post     June 27/2002

The Doctrine of Odious Debts: Using the Law to Cancel Illegitimate Debts
Patricia Adams' speech from her 12-city speaking tour of Germany in June 2002, at the invitation of the German Jubilee Network. June 21/2002

Foreign aid corruption case puts Canada on trial  by Patricia Adams
On the eve of the world's first foreign aid-related corruption court case -- one involving Canadian engineering giant Acres International -- the Canadian government agencies concerned mostly appear to be abdicating responsibility. National Post  August 20/1999

The debts of corruption  by Patricia Adams
A global movement is asking Western nations to forgive 'odious' debt extended to despotic regimes. The cause has merit, but opposition is building. National Post  May 10/1999

A troubling deposit at World Bank  by Patricia Adams
For 5O years government guarantees have allowed the World Bank and its sister development banks to amass the world's riskiest loan portfolios. The Wall Street Journal  November 29/1995



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Export Credit Agencies | Multilateral Development Banks | The Doctrine of Odious Debts
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