Political Science 3205F/G Chapter Notes -Public Knowledge, Tax Resistance

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CANCELLATION MORTORIUM OR ODIOUS ILLEGITIMATE DEBTS
Loans to illegitimate governments are not redeemable under international law
The principle of odious debts is about a tax revolt. The Third World’s debts were accumulated
without public knowledge and consent, with most people benefiting not one whit
Stiglitz suggested the creation of an international bankruptcy court, under the auspices of the
UN to deal with debt restructuring and relief to ensure a fair sharing of the burdens
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