المستخلص: |
The paper focuses on sovereign debts in the context of the Greek debt crisis. An interesting feature of sovereign debt is that, the impact of excessive-borrowing does not reflect immediately on the economy of the borrowing country. The magnitude of such debts may not be realised until a few years after such debts have been incurred. At this point, the present citizens who neither knew about the debts nor benefited from it, is burdened with the responsibility of making sure the country pays back what is owed. This arguably is the bedrock of the “odious debt” doctrine which is extensively explained in this work as it relates to the Greek debt crisis. The paper further explains the unenforceability of the odious debt doctrine and proposes recommendations to legalise the said doctrine
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