International Journal of Advances in Management and Economics (IJAME)

ISSN:2278-3369
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TitleTransforming 3rd World Debt into Microfinance Liabilities: The Odious Debt Becoming an Opportunity
AuthorTomas Hes
AbstractThe international debt relief programs did not encounter decisive solution to the 3rd world indebtedness. The major concerted relief schemes, organized by World Bank and IMF, are ignored by number of creditors. The present forgiving paradigm does not incite creation of sustainable infrastructures nor helps to consolidate the indebted economies on grass root level, assuring halt to debt renewals. Despite the traditional view of the debt as a burden, the situation can be considered an opportunity for erection of sustainable structures in 3rd world countries. This paper proposes a new complementing concept to the old forgiving paradigm, under which the debt is converted into microfinance portfolio liabilities possessed by creditors.
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