We citizens need a clear global definition on what constitutes odious credits to sovereigns.
A letter to the Washington Post (not published)
I refer to Washington Post’s “Jaw-dropping corruption” recounting illicit investment relations between China and Malaysia, January 12.
It shows that though there have been discussions on odious debts, odious credits merits perhaps even more attention.
For decades I have begged for the establishment of clear and defined international rules that, either because of corruption or too nonchalant credit analysis or due diligence, should declare credits as odious, and therefore null, or at least not enforceable through normal channels.
In 2004 I published an Op-Ed titled “Odious Credit” in El Universal, Caracas. Can you imagine how much odious financing Venezuela could have avoided to contract with China, had such regulations been in place?
There’s way too much global camaraderie between governments all interested in taking on debt. We need much more global camaraderie between citizens interested in their governments not contracting odious debts.
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