{"id":7181,"date":"2015-04-09T06:58:20","date_gmt":"2015-04-09T11:58:20","guid":{"rendered":"http:\/\/olduvai.ca\/?p=7181"},"modified":"2015-04-09T06:58:20","modified_gmt":"2015-04-09T11:58:20","slug":"odious-debt-has-finally-arrived-greece-to-write-off-illegal-debt","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=7181","title":{"rendered":"“Odious Debt” Has Finally Arrived: Greece To Write Off “Illegal” Debt"},"content":{"rendered":"

“Odious Debt” Has Finally Arrived: Greece To Write Off “Illegal” Debt<\/a><\/h3>\n

It was\u00a0back in June 2011\u00a0<\/a>when we first hinted that the time of\u00a0Odious Debt<\/em>\u00a0is rapidly approaching.<\/p>\n

As a reminder, this is what\u00a0Odious Debt\u00a0<\/a>is: In international law, odious debt is a legal theory which holds that the national debt incurred by a regime for purposes that do not serve the best interests of the nation, should not be enforceable. Such debts are thus considered by this doctrine to be personal debts of the regime that incurred them and not debts of the state. In some respects, the concept is analogous to the invalidity of contracts signed under coercion.<\/p>\n

Today, nearly four years later, Odious Debt is now a reality in Greece, where Zoi Konstantopoulou, the head of the Greek parliament and a SYRIZA member, released two videos which have promptly gone viral, designed to promote the investigative parliamentary committee to look into the circumstances surrounding the signing of the country\u2019s two bailout agreements that led Greece to implement its austerity measures.<\/p>\n

The short video spots, shown below, end with the message \u201cCheck it, Erase it\u201d referring to the country\u2019s 320 billion-euro debt.<\/p>\n

 <\/p>\n

That this concept emerges now is perhaps confusing: it was just a few days ago when the\u00a0Greek FinMin promised to the IMF\u00a0<\/a>that\u00a0Greece would honor all of its debt commitments.\u00a0<\/strong>Should Greece decide that some (or all) of its debt was illegal and unenforceable, this will clearly not happen. Then again, this is the same political party that made pre-election promises whose execution would require about \u20ac30 billion according to German calculation, so the relentless flipflopping is not very surprising.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

“Odious Debt” Has Finally Arrived: Greece To Write Off “Illegal” Debt It was\u00a0back in June 2011\u00a0when we first hinted that the time of\u00a0Odious Debt\u00a0is rapidly approaching. As a reminder, this is what\u00a0Odious Debt\u00a0is: In international law, odious debt is a legal theory which holds that the national debt incurred by a regime for purposes that […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[195,4698,200,1167,418,434,4697,2236,2868],"class_list":["post-7181","post","type-post","status-publish","format-standard","hentry","category-economics","tag-debt","tag-debt-write-off","tag-default","tag-greece","tag-imf","tag-international-monetary-fund","tag-odious-debt","tag-syriza","tag-troika"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/7181","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7181"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/7181\/revisions"}],"predecessor-version":[{"id":7182,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/7181\/revisions\/7182"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7181"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7181"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7181"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}