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The Theory of Odious Debt in the General International Law | ||
| journal of legal sciences | ||
| Article 1, Volume 27, Issue 1, 2012, Pages 222-255 | ||
| Author | ||
| dr.muhammed ahmed | ||
| Abstract | ||
| The Theory of Odious Debt in the General International Law The odious debt is a debt that is ratified reverse to the people interest and without their satisfaction and with the total knowledge of the creditors. The foundation for the odious debt is the loans or grants given for reasons that don't entail any benefit to the citizens of the nations and these debts were usually spent to attain a personal enrichment or for military utilization. Because these debts are against the interests of people, therefore, they are debts that are not obligatory for countries or succeeding )governments( regimes. There are many situations (cases) that loans have been given to regimes engaged in aggressive wars against another countries and they practice repression against their people as it was the case with the previous Iraqi regime, and such these loans can be considered as an engagement in the war beside the regime, therefore, these loans can be deemed as military contributions and then it must be abolished when the regime was failed, since it is unreasonable to force the victims of the dictator regimes to pay the price of the equipment and techniques in torturing, repressing, and killing them. In regard to the implementation of the theory of odious debt in Iraq, we can say that the external indebtedness is an odious one, since there is a possibility to enlist most of the mandatory debts on Iraq can be categorized under the concept or the theory of odious debts, and Iraq has the right to request deleting them since the former regime that borrowed these debts without taking the opinion of the Iraqi people and it took advantage of these debts to enhance its regime and domination not the people, and it spent them without any permission of the Iraqi people, and the creditor party totally knows that the loans will be spent not for the interest of the people, therefore these debts are not people debts but they are rather personal debts for the regime and must be canceled when the regime fell down and vanished. | ||
| Keywords | ||
| The Theory of Odious Debt in the General International Law | ||
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