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Enough is enough:
The debt repudiation option
 
Front cover photo:
Mine workers at Chimbishi mines in Zambia usually work eight-hour shifts, butmany work overtime, pushing their time underground to 16 hours a day
Photo:
Christian Aid/David Rose© Christian Aid January 2007-01-16
 
 2
Contents
Introduction 3
 
Section 1: Is there still a debt crisis? 6
•
The select few
6
 
•
All other countries
9
 
Section 2: Illegitimate debt 14
•
Illegitimate debt 1: Odious debts
14
 
•
Illegitimate debt 2: Penalties and exorbitant interest rates
16
 
•
Unfair trade rules
17
 
Section 3: The case for repudiation 19
•
Costs and benefits
20
 
•
Benefits downplayed
21
 
•
Exaggerated costs
24
 
•
Shifting the terms of debate
26Conclusion and recommendations 30
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