Sunday, August 17, 2014
Ellen Brown: "Cry for Argentina: Odious Debt, Fiscal Mismanagement or Pillage?" @ Max Keiser (Guest Blog)
[Excerpt] ... Besides impossibility of performance, there is another defense Argentina could raise in international court – that of “odious debt.” Also known as illegitimate debt, this legal theory holds that national debt incurred by a regime for purposes that do not serve the best interests of the nation should not be enforceable.
The defense has been used successfully by a number of countries, including Ecuador in December 2008, when President Rafael Correa declared that its debt had been contracted by corrupt and despotic prior regimes. The odious-debt defense allowed Ecuador to reduce the sum owed by 70%. ... [End of Excerpt]
Read more at Max Keiser.