Jun 302012


Source: youtube



Debt is considered to be odious if the government used the money for personal purposes or to oppress the People. Moreover, in cases where borrowed money was used in ways contrary to the People’s interest, with knowledge of the creditors, the creditors may be said to have committed a hostile act against the People, and renders the debt as subject for repudiation

The UNCTAD study expands on this current understanding of odious debt by underscoring the human rights considerations, based on equity and transitional justice as basis for declaring debts as odious.

The challenge remains for social movements to actively pursue an independent citizens’ debt audit and push governments to conduct an official debt audit and cancel odious and illegitimate debts.


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