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)
“Most people, no doubt, when they espouse human rights, make their own mental reservations about the proper application of the word “human.””
—Suzanne Lafollette (1893–1983)
“I think that a young state, like a young virgin, should modestly stay at home, and wait the application of suitors for an alliance with her; and not run about offering her amity to all the world; and hazarding their refusal.... Our virgin is a jolly one; and tho at present not very rich, will in time be a great fortune, and where she has a favorable predisposition, it seems to me well worth cultivating.”
—Benjamin Franklin (1706–1790)