Greek Report On ‘Odious Debt’ Generates World Debate.

THE ONENESS of HUMANITY

by Jerry Alatalo

DrachmaSome people are aware of the concept “odious debt”, but most people around the world are not – until now.

In 1927, Russian legal theorist Alexander Nahum Sack gave his definition of odious debt:

When a despotic regime contracts a debt, not for the needs or in the interests of the state, but rather to strengthen itself, to suppress a popular insurrection, etc, this debt is odious for the people of the entire state. This debt does not bind the nation; it is a debt of the regime, a personal debt contracted by the ruler, and consequently it falls with the demise of the regime. The reason why these odious debts cannot attach to the territory of the state is that they do not fulfil one of the conditions determining the lawfulness of State debts, namely that State debts must be incurred, and the proceeds used, for the needs and in the…

View original post 2,627 more words

Advertisements

About Susan Chandler

Now-disabled interior/exterior designer dragged into battling conviction corruption from its periphery in a third personal battle with civil public corruption.
This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s