This research paper by Stephen Mandel belongs to a three pillar approach to debt relief produced by the new economics foundation (nef)‘s Jubilee research program. The first component of this comprehensive set of integrated proposals has outlined a fair and transparent international arbitration process. The second one has then defined the criteria by which this process would assess the level to which debts should be reduced and calculated which would be required to reduce 136 countries’ debt to a sustainable level. This third paper demonstrates the impact of odious debt, a legal concept introduced in 1927 by Law Professor Alexander Sack, and how the impact continues to grow until the loan is cancelled. Based on 13 clear cases that present a picture of the extent and impact of odious lending, it also outlines a proposal to address the problem with an internationally recognised independent body to decide on the odious nature, or otherwise of regimes and debts.
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Mandel, Stephen. 2006. Odious lending: Debt relief as if morals mattered. London: New Economics Foundation.
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The Jubilee Research program on debt relief: www.jubileeresearch.org/index.htm