The Odious Haitian Independence Debt

Abstract

This article introduces the Haitian Independence Debt of 1825 to the odious debt and sovereign debt literatures. We argue that the legal doctrine of odious debt is surprisingly and perhaps indefensibly narrow, possibly because of historical contingency rather than any underlying logic or principle. The story of the Haitian Independence Debt of 1825 serves as an illustrative case study. In the context of telling that story, we provide estimates of the evolution of Haiti’s external debt-to-GDP ratio over 1825–2020, and discuss the implications of the independence debt for the economy of Haiti. We conclude by discussing the implications of Haiti’s Independence Debt for the doctrine of odious debt and the possibilities for Haiti to recover compensation.

Equity and Justice in Loss and Damage Finance: A Narrative Review of Catalysts and Obstacles

“…At the subsequent Summit for a New Global Financing Pact hosted by the French Government in Paris in June 2023, Prime Minister Mottley escalated her call for reform of the global financial system to a demand for its transformation. In the months leading up to the Summit, scholars had voiced concerns about the French Government's moral authority to champion such initiatives, given its historically extractive relationship with Haiti [see 96,97]. Concerns were also raised over whether the Summit was capable of actually overhauling the international financial system, whether efforts to finalize the Pact were a distraction from true structural financial reform, and whether the new vision was just a repackaging of the role of the private sector in mobilizing climate finance [85 ••].…”