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Sovereign Debt and Human Rights$
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Ilias Bantekas and Cephas Lumina

Print publication date: 2018

Print ISBN-13: 9780198810445

Published to Oxford Scholarship Online: January 2019

DOI: 10.1093/oso/9780198810445.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 15 June 2021

Sovereign Debt and Human Rights

Sovereign Debt and Human Rights

Making the Connection

Chapter:
(p.169) 9 Sovereign Debt and Human Rights
Source:
Sovereign Debt and Human Rights
Author(s):

Cephas Lumina

Publisher:
Oxford University Press
DOI:10.1093/oso/9780198810445.003.0010

The ability of States to fulfil their international human rights obligations depends, to a large extent, on the availability and allocation of sufficient resources to essential investments in human, social and physical infrastructure that provide the foundation for sustainable and equitable development, as well as the full realisation of human rights. In many cases, however, excessive sovereign debt burdens and the ensuing costs of servicing or repaying the debt often reduce the amount of resources available to governments for the realisation of human rights. Furthermore, the policy conditions that are typically linked to loans and debt relief provided by international financial institutions often limit investment in and undermine the provision of accessible public services. This chapter seeks to establish the connection between sovereign debt and human rights through a broad discussion of the impact of sovereign debt and related policy conditionalities on the realisation of all human rights.

Keywords:   Human rights, sovereign debt, maximum available resources, debt servicing, austerity, conditionalities, privatization, adjustment, liberalization, Human Rights Council

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