Category: Iraq’s Odious Debts

Make odious debt too risky to issue

(May 8, 2003) Under Saddam Hussein’s rule, Iraq amassed an estimated $100bn in debt, or over three times its gross domestic product. In all likelihood postwar Iraq will refuse to repay the debt in full. The country can make a strong case that Mr Hussein borrowed without the consent of the Iraqi people and then spent much of the money to finance violence and repression. Hence, Iraq might argue, the debt is illegitimate.