(March 26, 2007) British businesses caught by the current round of anti-corruption investigations in the U.K. are in need of an amnesty arrangement, says global construction trade magazine, International Construction Review.
Zambia: Let the looters pay the vultures
(February 28, 2007) A recent British high court ruling that permits a so-called "vulture fund" to pursue an enormous profit on its purchase of Third World debt from Zambia has provoked a backlash from global debt campaigners. However, U.S. law professor Larry Cata Backer argues that, within an odious debts context, the fund ought to be able to seek repayment but not from the people of Zambia.
Wolfowitz takes actions to gear up World Bank for Iraq
(February 16, 2007) The Government Accountability Project (GAP) has learned from inside sources that World Bank President Paul Wolfowitz is currently negotiating a contract with a new resident Iraq Country Director. This step strongly suggests that Wolfowitz intends to expand Bank-funded projects there dramatically in the near future, despite the deteriorating security situation and recent disclosures of massive corruption in "reconstruction" efforts.
Keep off the graft
(February 12, 2007) British Prime Minister Tony Blair released a much anticipated Commission for Africa report which called on the developed world to help Africa curb corruption by cleaning up its own act (The Guardian). The report signalled a new and hopeful direction for the Blair administration’s advance on the scourge of global graft. Blair talked about changing U.K. banking laws to speed up the return of public funds pocketed by corrupt African leaders. His government also issued new anti-corruption rules aimed at cracking down on kickbacks paid by U.K. exporters to win contracts overseas; href=”http://www.ft.com”Financial Times”
Hiding Africa’s Looted Funds: Silence of Western Media
(February 9, 2007) Quite often when you read newspapers, listen to radio and watch television in the West you learn how poor Africans are and how corrupt African leaders are. But you will never watch, read or hear anything in these media outlets about the role being played by Western banking institutions; property development and estate companies; the big corporations; and the western political and business elite in promoting corruption in Africa.
A Law-and-Economics Analysis of Odious Debts
(February 7, 2007) Much of the debate surrounding odious debts begs the question of whether the ‘odiousness’ of a debt can serve as a qualification for the rule of state succession. The legal and economics rationales of the rule date back to the classical writings on the subject and can be derived from state practice.
Legal scholars to hold another public debate on odious debt
(February 7, 2007) In an unprecedented run of public debate on the issue of odious debts, North Carolina will again serve as the setting for a second conference on odious debt.
Ecuador may default on foreign debt deemed “illegitimate” debt, economy minister says
(February 7, 2007) Ecuador’s Economy Minister Ricardo Patino said late last month that his country had set up a commission to audit Ecuador’s US$10.3 billion external debt, and that Ecuador would not pay foreign debt that the commission declared "illegitimate."
Anti-corruption efforts
(February 7, 2007) Companies need the incentive of prosecution, fines and reputational risk to tackle bribery more effectively. The abandoning of a probe into BAE Systems’ dealings in Saudi Arabia shows a lack of will to deal with these issues, says Alexandra Wrage.
Scholars convene at top US law school for first-ever conference on odious debt law and economics
(January 24, 2007) Hosted by the journal of Law & Contemporary Problems, in conjunction with the Center for International and Comparative Law, the Global Capital Markets Center and Duke Law School, the Odious Debts and State Corruption symposium will feature a series of interactive roundtable discussions involving 25 leading international scholars and practitioners.
Kenya’s debt too heavy, says Nobel Peace Prize laureate
(January 23, 2007) Prof. Wangari Maathai, the Nobel Peace Prize winner of 2004, said Kenya had so far repaid more than $51 billion on external debt, the professor described as ‘suspect.’
Odious debt wears two faces: Systemic illegitimacy, problems and opportunities in traditional odious debt conceptions in globali
(January 17, 2007) This paper examines the way that the traditional notion of odious debt as a method of repudiating sovereign debt may undergo a conceptual revolution, as it changes focus from the illegitimacy of governments obtaining loans, to the illegitimacy of the systems through which such loans are made and enforced generally.
Protest letter to Prime Minister Tony Blair concerning BAE Systems Plc
(January 15, 2007) International charities, churches and NGOs petition Prime Minister Blair to reopen a corruption probe into a controversial arms deal with Saudi Arabia.
Odious debt, old and new: The legal intellectual history of an idea
(January 1, 2007) In a sense, all debts are odious; that is, to use dictionary definitions, “hateful; disgusting; offensive.”1 Yet insofar as international economic law today is concerned, only a certain few debts can be considered “odious debts” in order to contest and perhaps eventually to repudiate them.
France cancels 80% of its Iraqi debt
(December 22, 2006) France cancels the equivalent of $US5.2 billion of Iraqi debt, amounting to 80% of France’s claims towards Iraq.
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