#odiousdebt — Public Fediverse posts

February 12, 2026, witnessed millions of workers across India participating in a nationwide general strike called by the joint platform of central ...

February 12, 2026, witnessed millions of workers across India participating in a nationwide general strike called by the joint platform of central trade unions. Measured purely by participation, the…#CADTM #ComitépourlAnnulationdesdettesillégitimes #dette #dettetiersmonde #dettedutiersmonde #ladettedutiersmonde #dettepublique #detteexterne #detteillégitime #detteodieuse #odieuse #G8 #FMI #IMF #clubdeparis #banquemondiale #banquedusud #PPTE #IADM #créanciers #afrique #néolibéralisme #finance #Nord-Sud #globalisation #multinationales #ComitéparalaAnulacióndelasdeudasilegítimas #deuda #ladeuda #ladeudadeltercermundo #tercermundo #deudapública #deudaexterna #ladeudaodiosa #elG8 #elFMI #elClubdeParís #BancoMundial #el
BancodelSur #paísespobresmuyendeudados #acreedores #África #elneoliberalismo #las
finanzas #lasrelacionesNorte-Sur #laglobalización #lasmultinacionales #Committeefor
theAbolitionofIllegitimateDebt #debt #IllegitimateDebt #thirdworlddebt #odiousdebt #publicdebt #externaldebt #ParisClub #WorldBank #SouthBank #HIPC #MDRI #creditors #Africa #neoliberalism #North-Southrelations #globalization #multinational #ComitéparaaAnulaçãodasdívidasilegítimas #dívida #dívidado
terceiromundo #dívidaodiosa #dívidailegítima #dívidapública #dívida
externa #oG8 #oFMI #ClubedeParis #oBancoMundial #BancodoSul #paísespobres
altamenteendividados #credores #aÁfrica #oneoliberalismo #finanças #relaçõesNorte-Sul #aglobalização #multinacional
After the Labour Codes : the political meaning of India's February 12 strike – CADTM

February 12, 2026, witnessed millions of workers across India participating in a nationwide general strike called by the joint platform of central ...

February 12, 2026, witnessed millions of workers across India participating in a nationwide general strike called by the joint platform of central trade unions. Measured purely by participation, the…#CADTM #ComitépourlAnnulationdesdettesillégitimes #dette #dettetiersmonde #dettedutiersmonde #ladettedutiersmonde #dettepublique #detteexterne #detteillégitime #detteodieuse #odieuse #G8 #FMI #IMF #clubdeparis #banquemondiale #banquedusud #PPTE #IADM #créanciers #afrique #néolibéralisme #finance #Nord-Sud #globalisation #multinationales #ComitéparalaAnulacióndelasdeudasilegítimas #deuda #ladeuda #ladeudadeltercermundo #tercermundo #deudapública #deudaexterna #ladeudaodiosa #elG8 #elFMI #elClubdeParís #BancoMundial #el
BancodelSur #paísespobresmuyendeudados #acreedores #África #elneoliberalismo #las
finanzas #lasrelacionesNorte-Sur #laglobalización #lasmultinacionales #Committeefor
theAbolitionofIllegitimateDebt #debt #IllegitimateDebt #thirdworlddebt #odiousdebt #publicdebt #externaldebt #ParisClub #WorldBank #SouthBank #HIPC #MDRI #creditors #Africa #neoliberalism #North-Southrelations #globalization #multinational #ComitéparaaAnulaçãodasdívidasilegítimas #dívida #dívidado
terceiromundo #dívidaodiosa #dívidailegítima #dívidapública #dívida
externa #oG8 #oFMI #ClubedeParis #oBancoMundial #BancodoSul #paísespobres
altamenteendividados #credores #aÁfrica #oneoliberalismo #finanças #relaçõesNorte-Sul #aglobalização #multinacional
After the Labour Codes : the political meaning of India's February 12 strike – CADTM

February 12, 2026, witnessed millions of workers across India participating in a nationwide general strike called by the joint platform of central ...

February 12, 2026, witnessed millions of workers across India participating in a nationwide general strike called by the joint platform of central trade unions. Measured purely by participation, the…#CADTM #ComitépourlAnnulationdesdettesillégitimes #dette #dettetiersmonde #dettedutiersmonde #ladettedutiersmonde #dettepublique #detteexterne #detteillégitime #detteodieuse #odieuse #G8 #FMI #IMF #clubdeparis #banquemondiale #banquedusud #PPTE #IADM #créanciers #afrique #néolibéralisme #finance #Nord-Sud #globalisation #multinationales #ComitéparalaAnulacióndelasdeudasilegítimas #deuda #ladeuda #ladeudadeltercermundo #tercermundo #deudapública #deudaexterna #ladeudaodiosa #elG8 #elFMI #elClubdeParís #BancoMundial #el
BancodelSur #paísespobresmuyendeudados #acreedores #África #elneoliberalismo #las
finanzas #lasrelacionesNorte-Sur #laglobalización #lasmultinacionales #Committeefor
theAbolitionofIllegitimateDebt #debt #IllegitimateDebt #thirdworlddebt #odiousdebt #publicdebt #externaldebt #ParisClub #WorldBank #SouthBank #HIPC #MDRI #creditors #Africa #neoliberalism #North-Southrelations #globalization #multinational #ComitéparaaAnulaçãodasdívidasilegítimas #dívida #dívidado
terceiromundo #dívidaodiosa #dívidailegítima #dívidapública #dívida
externa #oG8 #oFMI #ClubedeParis #oBancoMundial #BancodoSul #paísespobres
altamenteendividados #credores #aÁfrica #oneoliberalismo #finanças #relaçõesNorte-Sul #aglobalização #multinacional
After the Labour Codes : the political meaning of India's February 12 strike – CADTM

February 12, 2026, witnessed millions of workers across India participating in a nationwide general strike called by the joint platform of central ...

February 12, 2026, witnessed millions of workers across India participating in a nationwide general strike called by the joint platform of central trade unions. Measured purely by participation, the…#CADTM #ComitépourlAnnulationdesdettesillégitimes #dette #dettetiersmonde #dettedutiersmonde #ladettedutiersmonde #dettepublique #detteexterne #detteillégitime #detteodieuse #odieuse #G8 #FMI #IMF #clubdeparis #banquemondiale #banquedusud #PPTE #IADM #créanciers #afrique #néolibéralisme #finance #Nord-Sud #globalisation #multinationales #ComitéparalaAnulacióndelasdeudasilegítimas #deuda #ladeuda #ladeudadeltercermundo #tercermundo #deudapública #deudaexterna #ladeudaodiosa #elG8 #elFMI #elClubdeParís #BancoMundial #el
BancodelSur #paísespobresmuyendeudados #acreedores #África #elneoliberalismo #las
finanzas #lasrelacionesNorte-Sur #laglobalización #lasmultinacionales #Committeefor
theAbolitionofIllegitimateDebt #debt #IllegitimateDebt #thirdworlddebt #odiousdebt #publicdebt #externaldebt #ParisClub #WorldBank #SouthBank #HIPC #MDRI #creditors #Africa #neoliberalism #North-Southrelations #globalization #multinational #ComitéparaaAnulaçãodasdívidasilegítimas #dívida #dívidado
terceiromundo #dívidaodiosa #dívidailegítima #dívidapública #dívida
externa #oG8 #oFMI #ClubedeParis #oBancoMundial #BancodoSul #paísespobres
altamenteendividados #credores #aÁfrica #oneoliberalismo #finanças #relaçõesNorte-Sul #aglobalização #multinacional
After the Labour Codes : the political meaning of India's February 12 strike – CADTM

"In the case that concerns us here, the request to the IMF for a loan violates not only the National Constitution but also Law 27,612, passed in 2021, whose second article states that “any financing program or public credit operation carried out with the IMF, as well as any extension of the amounts – in addition to terms and conditions – of such programs or operations, shall require a law of the Honorable Congress of the Nation that expressly approves it.” In short, Javier Milei’s government is acting in open violation of the Constitution and the laws of this country, something that prima facie would violate the IMF’s own regulations, whose Board, if it did not take this situation into account, would become an accomplice in a violation of the Constitution and the laws of Argentina.

In view of this accumulation of irregularities, the debt that Argentina may contract becomes an “odious debt” not enforceable by the eventual creditors, in this case the IMF. This is something that has been sustained by US jurisprudence since the end of the 19th century up to the present day. "

https://socialistproject.ca/2025/03/open-letter-to-kristalina-georgieva-imf/

#IMF #Argentina #Milei #Authoritarianism #PublicDebt #OdiousDebt

There are other relevant precedents. When the U.S. took over Cuba 100 years ago it cancelled Cuba’s debt to Spain on the grounds that the burden was “imposed upon the people of Cuba without their consent and by force of arms.” Such debts were later called “odious debt” by legal scholarship, “not an obligation for the nation” but the “debt of the power that has incurred it,” while the creditors who “have committed a hostile act with regard to the people” can expect no payment from the victims. Rejecting a British challenge to Costa Rican laws cancelling the debt of the former dictator to the Royal Bank of Canada, the arbitrator — U.S. Supreme Court Chief Justice William Howard Taft — concluded that the Bank lent the money for no “legitimate use,” so its claim for payment “must fail.” The logic extends readily to much of today’s debt: “odious debt” with no legal or moral standing, imposed upon people without their consent, often serving to repress them and enrich their masters. ^1

The picture generalizes, and breaks little new ground. A study of the global economy points out that “defaults on foreign bonds by US railroads in the 1890s were on the same scale as current developing country debt problems.”5 Britain, France, and Italy defaulted on US debts in the 1930s. After World War II, there was reported to be heavy flow of capital from Europe to the United States. Cooperative controls could have kept the funds at home for post-war reconstruction, but, some analysts allege, policymakers preferred to have wealthy Europeans send their capital to New York banks, with the costs of reconstruction transferred to US taxpayers. The Marshall Plan approximately covered the “mass movements of nervous flight capital” that leading economists had predicted. ^2

• https://chomsky.info/19980515/

^1 Patricia Adams, Odious Debts (Earthscan, 1991); Lissakers, Banks, Borrowers. Witness for Peace, A Bankrupt Future: The Human Cost of Nicaragua’s Debt (WFP, 2000); Envio (Managua, Nicaragua: UCA), 18.220, Nov. 1999.

^2 Eric Helleiner, States and the Reemergence of Global Finance (Cornell Univ. Press, 1994).

The Noam Chomsky Website.

The article where I learned the key concepts capital flight and odious debt, in 1998!!

.> The Latin American debt that reached crisis levels from 1982 would have been sharply reduced by return of flight capital — in some cases, overcome, though all figures are dubious for these secret and often illegal operations. The World Bank estimated that Venezuela’s flight capital exceeded its foreign debt by 40% in 1987....
.> A recent Council on Foreign Relations study points out that “defaults on foreign bonds by U.S. railroads in the 1890s were on the same scale as current developing country debt problems.” Britain, France and Italy defaulted on U.S. debts in the 1930s: Washington “forgave (or forgot),” the Wall Street Journal reports. After World War II, there was massive flow of capital from Europe to the United States. Cooperative controls could have kept the funds at home for postwar reconstruction, but policy makers preferred to have wealthy Europeans send their capital to New York banks, with the costs of reconstruction transferred to U.S. taxpayers....
.> When the U.S. took over Cuba 100 years ago it cancelled Cuba’s debt to Spain on the grounds that the burden was “imposed upon the people of Cuba without their consent and by force of arms.” Such debts were later called “odious debt” by legal scholarship, “not an obligation for the nation” but the “debt of the power that has incurred it,” while the creditors who “have committed a hostile act with regard to the people” can expect no payment from the victims. Rejecting a British challenge to Costa Rican laws cancelling the debt of the former dictator to the Royal Bank of Canada, the arbitrator — U.S. Supreme Court Chief Justice William Howard Taft — concluded that the Bank lent the money for no “legitimate use,” so its claim for payment “must fail.” The logic extends readily to much of today’s debt: “odious debt” with no legal or moral standing, imposed upon people without their consent, often serving to repress them and enrich their masters.