According to the doctrine of odious debt, loans which are knowingly provided to subjugate or defraud the population of a debtor state are not legally binding against that state under international law.

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After a massive international campaign calling attention to the development impact of foreign debt, the Heavily Indebted Poor Countries (HIPC) initiative is now underway.

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Restructuring the balance sheets of Western governments, banks and households is an important issue in the recovery after the recent crisis.

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