The infernal link: democratic conditionality and State debt to International Organisms

Abstract

Developing States have contracted many debts; especially since the early 1980s; with creditors. These can be either States or international financial institutions. However; whoever the public debtor is; the latter will intervene more or less directly; increasingly becoming an interlocutor in any attempt to renegotiate or even totally pay the debt itself. This ubiquity arises many questions about its purpose and nature. This is particularly true of the political regimes of indebted states. Indeed; the democratization of these states has become both a means and an end for financial institutions; as the Initiative for Heavily Indebted Poor Countries. Therefore; the question is whether the payment is possible or an illusion.