Odious Debt

Odious Debt

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  • People of the country should not be forced to repay debt, which is owed by the regime.
  • I disagree.
  • Despite its overwhelming popularity among policy makers and the public, debt relief is a bad idea for the world's poor.
  • By transferring scarce resources to corrupt governments with proven track records of misusing aid, debt forgiveness might only aggravate poverty among the world's most vulnerable populations.
  • Alexander Sack's belief created the criteria for odious debt - if debt was incurred without the consent of the people, if the debt did not benefit the people, and if the lender was aware of these two conditions.
  • Maybe we should forgive developing countries of their loans and let them catch up.
  • An economist William Easterly disagreed with these beliefs which were adopted by organizations, such as Probe International.
  • Odious debt is a debt that is incurred by a despotic power, not to meet the needs of the people of the country but to strengthen the despotic regime
  • These are his reasons.
  • Despite what he believes, some wealthy countries began to forgive loans they made to developing countries, giving them a chance to gain economic stability.
  • Defining Odious Debt.
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