Category: Odious Debts

Taiwan’s premier faces corruption case

(November 3, 2006) Pressure is mounting for Taiwan President Chen Shun-bian to resign: his wife, Wu Shu-chen, and three former presidential aides, face charges of graft and embezzlement; prosecutors say there is evidence to charge the president as well − once he loses the immunity he has while in office.

Norway’s historic illegitimate debt write-off shows way for creditor nations

(October 9, 2006) Norway’s decision earlier this month to cancel some of its Third World debt claims after implicitly acknowledging them as illegitimate has inspired debt activists around the world: campaigners in the Philippines have since called on the Arroyo administration to stop paying back suspect loans incurred under former president Ferdinand Marcos, reports Alecks Pabico for Inside PCIJ (Philippine Center for Investigative Journalism).

Norway takes historic step

(October 6, 2006) In a stunning move, the Norwegian government has become the first creditor country to implicitly acknowledge that some of its Third World debt claims are illegitimate and says it will cancel such debts outright and unilaterally. The Norwegian Parliament must now approve the government’s debt cancellation plan, details of which are contained in the government’s budget being submitted to Parliament today. If the plan is accepted, five countries – Ecuador, Egypt, Jamaica, Peru and Sierra Leone – will be relieved of some $80 million they owe Norway.