Application
In December 2008, Rafael Correa, President of the Republic of Ecuador, declared Ecuador's national debt illegitimate odious debt, based on the argument that it was contracted by corrupt and despotic prior regimes. He succeeded in reducing the price of the debt letters before continuing paying the debt.
After the overthrow of Jean-Claude Duvalier from Haiti, there were calls for cancellation of Haiti's debt to multilateral institutions, based on the argument that it was unjust odious debt, and that Haiti could better use the funds going towards debt service for education, health care, and basic infrastructure. As of February 2008, the Haiti Debt Cancellation Resolution had 66 co-sponsors in the U.S. House of Representatives. Several organizations in the U.S. issued action alerts around the Haiti Debt Cancellation Resolution, and a Congressional letter to the U.S. Treasury, including Jubilee USA, the Institute for Justice & Democracy in Haiti and Pax Christi USA.
Read more about this topic: Odious Debt
Famous quotes containing the word application:
“May my application so close
To so endless a repetition
Not make me tired and morose
And resentful of man’s condition.”
—Robert Frost (1874–1963)
“The receipt to make a speaker, and an applauded one too, is short and easy.—Take of common sense quantum sufficit, add a little application to the rules and orders of the House, throw obvious thoughts in a new light, and make up the whole with a large quantity of purity, correctness, and elegancy of style.”
—Philip Dormer Stanhope, 4th Earl Chesterfield (1694–1773)
“I conceive that the leading characteristic of the nineteenth century has been the rapid growth of the scientific spirit, the consequent application of scientific methods of investigation to all the problems with which the human mind is occupied, and the correlative rejection of traditional beliefs which have proved their incompetence to bear such investigation.”
—Thomas Henry Huxley (1825–95)