An accepted mechanism for canceling odious debt could help promote the spread of democracy around the developing world.
2.
In international legal thought, odious debt is debt that is incurred by a regime for purposes that do not serve the interest of the state.
3.
However, as the concept of odious debt is not accepted, trying to deal with the debt on those terms would have embroiled Iraq in legal disputes for years.
4.
But there exists in international financial politics a doctrine of " odious debt, " contracted by a despotic regime to support itself instead of the needs of its people.
5.
It's called " the doctrine of odious debts, " which holds that a country is not responsible for debts incurred by a " despotic regime ."
6.
Some entities have suggested the concept of odious debt, under which a country should not be held responsible for debt incurred by despotic regime for the purposes of strengthening itself and suppressing internal dissent.
7.
"If South Africa's debts are canceled, it will send a message to banks who consider funding oppressive regimes that odious debts don't pay, " the report said.
8.
Some of Kabila's supporters argue that most of the country's crushing $ 12.5 billion debt should be treated as " odious debt "-- debt forced upon them unwillingly.
9.
Given lenders'reluctance to make moral judgments, proponents of the " odious debt " doctrine would like to see the creation of an international enpid { with the authority to declare debts odious when necessary.
10.
Developing countries'debt has often been qualified as an odious debt and a means of neocolonialism, in particular by " third-worldism " ( " tiers-mondisme " ) and the more recent alter-globalization movement.
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