Does Greece have "odious" debt?

Alexis Tsipras wants Greece to stop paying odious debt. But does it have any?

"My five point plan": a phrase borrowed from Ed Miliband* may have helped boost the chances of Alexis Tsipras, leader of radical left-wing Greek party SYRIZA, which stormed into second place in the Greek parliament.

Admittedly, the Tsipras plan is rather more radical than Miliband's. It calls for:

  • Cancelling the technocratic former government's bailout terms, particularly its cuts to pensions and salaries.
  • Overturning their abolition of collective bargaining and other laws that attack workers' rights.
  • Changes to improve democracy and social justice, from removing MPs immunity to prosecution to overhauling Greece's proportional electoral law.
  • A public review of Greek banks.
  • A hold on all debt servicing, and an international committee examining the Greek deficit, particularly looking at whether any of the debt can be termed "odious".

The last point is the most interesting one. Odious debt is a legalistic term: It refers to debt run up by a former dictator, which a legitimate successor government can realistically argue ought not to be paid off. As a paper in the Duke Law Journal (via alphaville) puts it:

By enshrining a doctrine of odious debts as a recognized exception to the rule of state succession, some modern commentators have argued, a successor government would be able legally to repudiate the loans incurred by a malodorous prior regime. This, they contend, would have two benefits: it would avoid the morally repugnant consequence of forcing an innocent population to repay debts incurred in their name but not for their benefit, and it would simultaneously force prospective lenders to an odious regime to rethink the wisdom of advancing funds on so fragile a legal foundation.

The authors of the paper point out the problem with such a concept, though:

If this new version of the odious debt doctrine is to be workable, someone must assume the task of painting a scarlet letter "O" on a great many regimes around the world. Who will make this assessment of odiousness and on what criteria? The stakes are high. An unworkable or vague doctrine could significantly reduce cross-border capital flows to sovereign borrowers generally.

Their fears are proved right by Tsipras' argument. For all that the imposition by the EU of a technocratic PM on the Greek people was questionable democratically, the resulting government was hardly on par with the last one which brought odious debt into the public arena: Saddam Hussein's.

Even if Tsipras is making the weaker claim that debt left over from Greece's junta, which collapsed in 1974, ought to be cancelled (if there is even any outstanding), he would be on questionable grounds legally. The whole argument seems far more likely to be a way to announce a selective default without actually announcing a selective default. That or a cynical ploy to get elected.

We'll see the final outcome next Thursday, when the next round of legislative elections are rumoured to be pencilled in for.

*Probably not.

Alexis Tsipras, head of SYRIZA, at a press conference in Athens. Photograph: Getty Images

Alex Hern is a technology reporter for the Guardian. He was formerly staff writer at the New Statesman. You should follow Alex on Twitter.

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Women aren’t supposed to blame their foulest moods on their hormones. It’s time we did

It’s our job to play down the, “I’m pissy and want chocolate because I’m getting my period” thing as much as possible.

“NEVER CALL ME AGAIN. EVER,” I bellow at some hapless cock dribble called Brian or Craig who is sitting in a call centre somewhere. It’s too bad we haven’t been able to slam down phones since 1997. No matter how hard I jab my index finger into the red “end call” icon on my iPhone, it doesn’t have the same expulsive effect.

I’d put hard earned cash on Brian/Craig’s next thought being this:

Someone’s time of the month, eh?”

And if so, he’s bang on the money. I’m about to period so hard, the shockwaves from my convulsing uterus will be felt in France. Maybe Brian/Craig shrugs too. Right now, it kills me to think of him shrugging. I need to have ruined his day. I need for my banshee shriek to have done, at the very least, some superficial damage to his eardrum. I need to have made this guy suffer. And I need a cake. A big cake. A child’s birthday cake shaped like Postman Pat. A child’s birthday cake that I’ve stolen, thereby turning his special day into something he’ll have to discuss with a therapist in years to come. I’d punch fist-shaped craters into Pat’s smug face, then eat him in handfuls. All the while screaming unintelligible incantations at the mere concept of Brian/Craig.

Brian/Craig works for one of those companies that call you up and try to convince you you’ve been in a car accident and are owed compensation. Brian/Craig is a personification of that smell when you open a packet of ham. I’ve told Brian/Craig and his colleagues to stop calling me at least twice a week for the past six months. Unfortunately for Brian/Craig, this time he’s caught me at my premenstrual worst.

There’s an unspoken rule that women aren’t supposed to blame their foulest moods on hormones. Premenstrual hysteria (literal hysteria, because wombs) is the butt of so many sexist jokes. It’s our job to play down the, “I’m pissy and want chocolate because I’m getting my period” thing as much as possible. It’s the patriarchy that’s making us cranky. It’s the gender pay gap. It’s mannequins shaped like famine victims silently tutting at out fat arses. And we’re not “cranky” anyway – babies are cranky – we’re angry. And of course I’m angry about those things. I’m a woman, after all. But, if truth be told, I’m cranky too. And, if even more truth be told, it is because of my hormones.

Premenstrual dysphoric disorder (PMDD) is PMS cubed. For years now, it’s been making me want to put my fist through a wall every time my period approaches. Take the sensation of watching a particularly jumpy horror film: that humming, clenched-jaw tension, in preparation for the next scary thing to happen. Now replace fear with rage and you’ll have some idea of what PMDD feels like. Oh and throw in insatiable hunger and, for some reason, horniness. For at least a day out of every month, I feel incapable of any activity that isn’t crisp eating, rage wanking or screaming into a pillow.

And if, like me, you also suffer from anxiety and depression, trying to detect where the mental health stuff stops and the hormone stuff starts becomes utterly Sisyphean. Then again, the extent to which the hormones themselves can fuck with your mental health tends to be underestimated quite woefully. It’s just a bit of PMS, right? Have a Galaxy and a bubble bath, and get a grip. Be like one of those advert women who come home from work all stressed, then eat some really nice yoghurt and close their eyes like, “Mmmm, this yoghurt is actual sex,” and suddenly everything’s fine.

For too long, hormone-related health issues (female ones in particular) have been belittled and ignored. There’s only so much baths and chocolate can do for me when I’m premenstrual. I wasn’t kidding about the Postman Pat cake, by the way. And, Brian/Craig, in the vastly unlikely event that you’re reading this – yeah, it was my time of the month when you called. And if I could’ve telepathically smacked you over the head with a phone book, believe me, I would’ve done.

Eleanor Margolis is a freelance journalist, whose "Lez Miserable" column appears weekly on the New Statesman website.