Article Title
Abstract
Odious regimes have always been there. That there is no silver-bullet solution that will prevent odious regimes from arising, or stymie them once they do, is evident from the plethora of responses employed by the international community once a regime's odiousness becomes clear. Current odious debt doctrine dates back to a 1927 treatise by a wandering Russian academic named Alexander Sack. The Sack definition contemplates a debt-by-debt approach to questionable borrowing. If a loan is used to benefit the population--to build a highway or water-treatment plant, for instance--the obligation would be fully enforceable, no matter how pernicious the borrower regime. Here, Bolton and Skeel attempt to fill the vacuum: a regime is odious if it engages in either systematic suppression or systematic looting.
Publication Citation
Patrick Bolton and David Skeel,
Odious Debts or Odious Regimes,
70 Law and Contemporary Problems
83-108
(Fall 2007).
Available at: http://scholarship.law.duke.edu/lcp/vol70/iss4/4