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Independent research & practical ideas for global prosperity
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Independent research & practical ideas for global prosperity
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Global Development: Views from the Center
Posts Tagged: Odious DebtSqueezing Assad – Don’t Ditch Diplomacy YetMarch 20, 2012Posted by Lawrence MacDonald in Global Development, Trade, Weak and Fragile States Tags: Odious Debt, Syria
This post is joint with Jenny Ottenhoff As the violent crackdown on protesters in Syria intensifies, so does the international search for an effective response that stops short of military intervention. Meeting in Washington last week, U.S. President Barack Obama and British Prime Minister David Cameron called on their governments and allies to ratchet up pressure on the Bashar al-Assad regime, but they offered no new diplomatic options and stopped short of endorsing mounting calls for military action, leaving many in the international community wondering: what else can be done? 1 Comment »Prevention of Odious Obligations: A New Tool to Help Stem the Violence in SyriaMarch 9, 2012Posted by Kimberly Ann Elliott in Fragile States, Trade Tags: Odious Debt, Syria, Trade
Last week President Obama responded to the rising carnage in Syria by saying that he is looking for “every tool available to prevent the slaughter of innocents in Syria,” government-instigated violence that has already claimed thousands of lives. What new tools are available? The economic sanctions imposed are having an impact, but they are weakened by the willingness of the Russians, Chinese and others to continue doing business with the Assad regime. There is rising talk of military action, with former U.S. presidential candidate John McCain calling for airstrikes. But the risks are huge, there is no certainty of success, and there is little appetite in the United States or elsewhere for such action. It’s time to try something new: preemptive contract sanctions. This idea is so new and compelling that we at CGD have tried something new to explain it: a white board video, in which I lay out the basics in just a little over four minutes. Please watch it! 8 Comments »Time for New Leverage in Syria: DIRT SanctionsAugust 15, 2011Posted by Kimberly Ann Elliott in Trade Tags: DIRT, Odious Debt, Syria, Trade
At the United Nations last week, a representative of Secretary-General Ban Ki-moon gave the Security Council what was described as a “chilling and horrifying” briefing on the situation in Syria. The United States is ratcheting up the pressure on the Assad regime where it can and Secretary of State Clinton called on other countries to join it in boycotting Syria’s oil exports, so far unsuccessfully. 6 Comments »How the International Bond Market Might Influence Côte d’IvoireDecember 29, 2010Posted by Todd Moss in Global Development Tags: Odious Debt
With short term U.S. treasury paper paying zero percent, where in the world can you get 14.7%? Cote d’Ivoire. The yield on Ivorian Eurobonds spiked on fears of a resumption of civil war and prospects of a default on a payment due December 31st. Bondholders are right to worry. The Gbagbo junta, cut off from both the World Bank and its own central bank, is reportedly running out of cash and the cabal is likely to use any remaining money to pay the military rather than foreigner creditors. 12 Comments »A New Tool for Squeezing the Regime in Cote d’Ivoire…and Preventing Odious ObligationsDecember 13, 2010Posted by Todd Moss in Global Development, News Tags: Odious Debt
This is a joint post with Cindy Prieto. As the Cote d’Ivoire standoff moves into Day Ten, pressure is mounting on Laurent Gbagbo who lost the election to Alassane Ouattara but refuses to stand down. The African Union and ECOWAS have suspended the country, and the United States and Europe have each threatened Gbagbo with financial sanctions, asset freezes, and travel bans unless he relents. As cash becomes scarce and the junta more desperate, Gbagbo and his inner circle might try to quickly borrow money or start a fire sale. This would not only provide fuel for potential conflict, but also saddle the Ouattara government with new debts once they get in the seat. One additional way of squeezing Gbagbo and avoiding this outcome is contract sanctions, as proposed in the recent report of CGD’s Prevention of Odious Debt Working Group led by John Williamson, Michael Kremer, and Seema Jayachandran. Read More… Comment »Could Ex Ante Loan Sanctions against the De Facto Honduran Regime Prevent Illegitimate Debt?October 9, 2009Posted by Michael Kremer in Aid Effectiveness, Fragile States, U.S. Foreign Aid Reform Tags: Honduran coup, Odious Debt, Organization of American StatesThis is a joint posting with Cindy Prieto.
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Since the coup ousting Honduran president Manuel Zelaya last June, the international community has responded with strong words and a mix of mostly mild actions. The Organization of American States (OAS) unanimously voted to suspend Honduras when the de facto regime ignored its demand for the immediate reinstatement of Zelaya, and the UN General Assembly has also adopted a resolution denouncing the coup. The United States and European Union have halted some forms of non-humanitarian aid. But despite some 
