University of Pennsylvania Carey Law School Penn Law: Legal Scholarship Repository Faculty Scholarship at Penn Law Fall 2007 Odious Debts or Odious Regimes? Patrick Bolton Columbia University, Graduate School of Business David A. Skeel Jr. University of Pennsylvania Carey Law School Follow this and additional works at: https://scholarship.law.upenn.edu/faculty_scholarship Part of the International Law Commons, International Relations Commons, Law and Politics Commons, and the Legal History Commons Repository Citation Bolton, Patrick and Skeel, David A. Jr., "Odious Debts or Odious Regimes?" (2007). Faculty Scholarship at Penn Law. 184. https://scholarship.law.upenn.edu/faculty_scholarship/184 This Article is brought to you for free and open access by Penn Law: Legal Scholarship Repository. It has been accepted for inclusion in Faculty Scholarship at Penn Law by an authorized administrator of Penn Law: Legal Scholarship Repository. For more information, please contact
[email protected]. 03__BOLTON_SKEEL.DOC 3/14/2008 1:00:47 PM ODIOUS DEBTS OR ODIOUS REGIMES? PATRICK BOLTON* DAVID SKEEL** I INTRODUCTION Odious regimes have always been with us. That there is no silver-bullet solution that will prevent odious regimes from arising, or stymie them once they do, is evident from the plethora of responses employed by the international community once a regime’s odiousness becomes clear. Trade sanctions may be used to try to choke off a malignant regime’s access to weapons or other goods. In egregious cases, such as Milosevic’s Serbian regime, the international community may take military action. Still another strategy, more talked about than implemented, is the one considered in this article: the use of the odious debt (or, we will argue, odious regime) doctrine to cut off, or at the least to complicate, an odious regime’s access to outside funding.