Probe International

November 11, 2009

The Aktion Finanzplatz Schweiz, an independent network that monitors the Swiss financial system, has today released a book detailing both doctrine of odious debts and ways countries and organizations can challenge illegitimate debts. The book, “How to Challenge Illegitimate Debt. Theory and Legal Case Studies,” will be available November 11 at 1 pm Geneva time for a free download.

The book combines theory on the concept of odious debt and provides an in-depth legal analysis of nine cases. According to the nine cases analyzed in the book, there are a number of legal avenues to contest illegitimate debt:

• Lack of due diligence and the duty to inform and warn.
• Breach of general legal principles, such as good faith.
• Breachof domestic laws and national    constitutions.
• Breachof international treaties, principles and guidelines.
• Violation of ius cogens norms as a part of customary international law.
• Fraud and corruption.

The book includes independent opinions of legal experts and non-governmental organizations—detailing their joint conclusions and major points of dissent.

For more information contact the authors at afp [at] aktionfinanzplatz.ch

Aktion Finanzplatz Schweiz (AFP) is a charitable organization registered in Switzerland. It is financed by its members and by grants from international foundations. AFP coordinates coalitions of NGOs addressing the problem of stolen assets and is a member of the debt relief network Eurodad.

Further Reading:

Legal Case Studies on Illegitimate Debt: New Publication by Aktion Finanzplatz Schweiz [PDFver here]

For more background on the odious debts doctrine, read Patricia Adams, Probe International’s Executive Director’s, seminal book Odious Debts: Loose Lending, corruption, and the Third World’s Environmental Legacy. The book is available for free on our website.