The war of words between Greece and its creditors took a leap in intensity today, with Greece declaring its debt illegal and odious, and Germany calling the Greek leaders “clowns”.
Debt Illegitimate, Odiousness, Illegal, Unsustainable
Please consider a few snips from a translation of the Executive Report of the Hellenic Parliament’s Debt Truth Committee.
Several legal arguments permit a State to unilaterally repudiate its illegal, odious, and illegitimate debt. In the Greek case, such a unilateral act may be based on the following arguments: the bad faith of the creditors that pushed Greece to violate national law and international obligations related to human rights; preeminence of human rights over agreements such as those signed by previous governments with creditors or the Troika; coercion; unfair terms flagrantly violating Greek sovereignty and violating the Constitution; and finally, the right recognized in international law for a State to take countermeasures against illegal acts by its creditors, which purposefully damage its fiscal sovereignty, oblige it to assume odious, illegal and illegitimate debt, violate economic self-determination and fundamental human rights.
People’s dignity is worth more than illegal, illegitimate, odious and unsustainable debt
Having concluded a preliminary investigation, the Committee considers that Greece has been and still is the victim of