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PART TWO

Published online by Cambridge University Press:  05 August 2011

Rex J. Zedalis
Affiliation:
University of Tulsa, School of Law
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Summary

The $50 billion to $70 billion owed by Iraq to foreign creditors, as reduced by the late 2009 Chinese quid pro quo regarding access to Iraqi oil in return for debt relief, and any other reductions not widely reported, would not seem subject to repudiation under an international legal notion of “odious debt.” As discussed in Chapter 2, it is questionable whether customary international law even endorses the idea of debt repudiation because it was assumed under odious circumstances. Were creditors to endeavor to commence legal action to recover what they deem owed of Saddam-era debts, however, they would be sure to encounter a variety of defensive claims and strategies. In the discussion in this part, an effort is made to examine the content and the developmental background of defenses and strategies grounded in resolutions of the UN Security Council that purport to insulate Iraqi oil and gas from legal action on such debts, as well as the provisions of Iraqi domestic law – national and regional – that appear to provide Iraqi governing authorities with wide latitude to vary the terms of previously negotiated oil and gas contracts while suffering no particular legal consequences for doing so.

The basic Security Council resolution now in effect that insulates Iraqi oil and gas from legal claims, resolution 1905, was adopted at the end of December 2009. By its terms, it remains effective only until the end of December 2010.

Type
Chapter
Information
Claims against Iraqi Oil and Gas
Legal Considerations and Lessons Learned
, pp. 45 - 46
Publisher: Cambridge University Press
Print publication year: 2010

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  • PART TWO
  • Rex J. Zedalis
  • Book: Claims against Iraqi Oil and Gas
  • Online publication: 05 August 2011
  • Chapter DOI: https://doi.org/10.1017/CBO9780511761591.005
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  • PART TWO
  • Rex J. Zedalis
  • Book: Claims against Iraqi Oil and Gas
  • Online publication: 05 August 2011
  • Chapter DOI: https://doi.org/10.1017/CBO9780511761591.005
Available formats
×

Send book to Google Drive

To send content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about sending content to Google Drive.

  • PART TWO
  • Rex J. Zedalis
  • Book: Claims against Iraqi Oil and Gas
  • Online publication: 05 August 2011
  • Chapter DOI: https://doi.org/10.1017/CBO9780511761591.005
Available formats
×