Odious Debts

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.

Links

AFRODAD, The African Forum and Network on Debt and Development (AFRODAD)is a civil society organisation born of a desire to see lasting solutions to Africa's mounting debt problem and its negative impact on development.

Alternative Information and Development Centre, based in Woodstock, South Africa, has organized a campaign to challenge apartheid's odious debts.

Campagna per la riforma della Banca mondiale (CRBM), a Rome-based coalition of 41 Italian development NGOs, environmental associations and human right groups advocating on international financial institutions and Italian investment agencies to promote environmentally and socially sustainable investment in solidarity with local communities affected by projects and investment worldwide.

Canadian Environmental News Network, offers news of direct significance to Canada and Canadians on the environment, international development, urban issues, and consumer affairs.

Center for Public Integrity, provides the American people with the findings of investigations and analyses of public service, government accountability and ethics related issues.

debtchannel.org, a global portal site on international debt launched by OneWorld.

Development Today, Nordic Outlook on Development Assistance, Business & the Environment

Drop the Debt , the international movement to cancel the unpayable debts of the world's poorest countries.

ECONDAD, a regional network coordinating West African NGOs/civil society organizations working on debt, structural adjustment policy and the monitoring of international financial institutions within and outside the region.

erlassjahr.de, is the German branch of the worldwide Jubilee movement for international debt cancellation. The network of currently more than 800 institutional members urges national and international creditors to write off Southern countries' debts to a truly sustainable level and to reform international debt management towards an international insolvency framework.

FERN - Forests and the European Union Resource Network, FERN promotes the conservation and sustainable use of forests and respect for the rights of forest peoples in the policies and practices of the European Union. Currently, their main campaign areas are climate change, forest certification, export credit agencies, WTO & trade agreements, intergovernmental agendas, aid & development co-operation and rights of forest peoples.

Halifax Initiative, is a Canadian coalition whose goal is to contribute to the fundamental transformation of the international financial system to achieve poverty eradication, environmental sustainability and the equitable re-distribution of wealth.

Jubilee + UK, UK based international campaign to cancel Southern Nation's debt .

Jubilee Canada, the Canadian Ecumenical Jubilee Initiative.

Jubilee Iraq, Jubilee Iraq is a network of business people, lawyers, doctors, economists, politicians, civil society groups and many others working to ensure that the Iraqi people - emerging from decades of war, oppression and sanctions - are not forced to pay Saddam's bills.

Jubilee South, is a coalition of Jubilee Debt campaigns and social movements from Africa, Asia and Latin America.

Jubilee USA Network, recognizing that much of the debt charged to many countries is unjust and unpayable, and profoundly aware of the great social and environmental toll that these debts exact, the Jubilee USA Network calls for a Jubilee cancellation of debt.

Probe International, Probe International's campaign to enforce the doctrine of odious debts.

The Green Beanery, is a non-profit merchant of home coffee roasters and green coffee beans, established to support Probe International.

The Social Justice Committee, is committed to recognizing the root, global causes of poverty, social injustice, and environmental degradation.

The South African Institute of International Affairs , The South African Institute of International Affairs is an independent, non-governmental organisation which aims to promote a wider and more informed understanding of international issues among South Africans.

Transparency International, the global coalition against corruption.

Worldwatch Institute, an independent, nonprofit environmental research organization based in Washington, DC