In international law, odious debt is a legal theory that holds that the national debt incurred by a regime for purposes that do not serve the best interests of the nation, should not be enforceable. Such debts are, thus, considered by this doctrine to be personal debts of the regime that incurred them and not debts of the state. In some respects, the concept is analogous to the invalidity of contracts signed under coercion.
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Famous quotes containing the words odious and/or debt:
“Best masters for the young writer and speaker are the fault- finding brothers and sisters at home who will not spare him, but will pick and cavil, and tell the odious truth.”
—Ralph Waldo Emerson (1803–1882)
“A good debt is not as good as no debt.”
—Chinese proverb.