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| Name | The Odious Debt #shortvideo #reels #shorts |
| Video Uploader | Video From Voices |
| Upload Date | This Video Uploaded At 20-05-2024 10:52:16 |
| Video Discription | In modern history, South Africa canceled its debts to Namibia in 1995, debts incurred during the apartheid regime, as those debts were borrowed by an illegitimate regime and used to perpetuate this system and suppress the country's inhabitants. Similarly, Britain canceled the debts to the former Rwandan regime, which the British Parliament declared illegitimate in 1998 because they were used to purchase weapons used in genocide crimes, with the knowledge of the lending state, Britain. Ecuador also succeeded in canceling two bond issues offered outside the country in 2000 due to their illegitimacy, as they were issued by a corrupt previous regime. In 1939, the legal advisor to the Greek government relied on the legal principle in his pleading in the lawsuit filed against his government by a Belgian commercial company, stating: "Doctrine recognizes in this matter the priority of the government's duty to ensure the proper functioning of public services over debt repayment." This historical introduction raises the contemporary question: Can loans from the International Monetary Fund (IMF) be considered odious debts? These loans require the borrowing country to adopt a set of policies in which it commits to the IMF: removing subsidies on basic goods, reducing spending on social services including education and health, freezing wage increases, increasing the retirement age, halting government appointments, increasing taxes, especially indirect taxes such as sales tax, liberalizing prices in financial and domestic markets, liberalizing foreign trade and facilitating the flow of foreign goods and services into local markets, removing customs barriers, unifying the tax burden on local and imported industries, and abandoning policies protecting local products. [bQ9XjuS0JBA] |
| Category | News & Politics |
| Tags | short | shorts | economic | reel |
