This paper aims to discuss the part of the debt problem that is mainly composed of credits used for investments of dubious value from a development point of view, working on the basis of the so-called ‘odious debts’ of international law, and their link to the theory and practice of economic development. The purpose of the paper is to contribute to the solution of the current debt problem and its prevention for the future. Its basic assumptions are, firstly, that only by incorporating objective criteria that can be inferred from the international development debate is it possible to avoid an even more catastrophic situation; and, secondly, that the development value of goods exported to the Third World is a risk shared by the supplier and the buyer together.

Este artículo pretende discutir la parte del problema del endeudamiento que está compuesta, fundamentalmente, por créditos utilizados para inversiones de dudoso valor desde el punto de vista del desarrollo, trabajando en base a las llamadas "deudas odiosas" del Derecho Internacional, y su vinculación con la teoría y práctica del desarrollo económico.El propósito del trabajo es contribuir a la solución del actual problema del endeudamiento y a su prevención para el futuro. Sus presupuestos básicos son, en primer lugar,que solamente mediante la incorporación de criterios objetivos que puedan ser inferidos del debate internacional sobre el desarrollo, es posible evitaruna situación aún más catastrófica; y, en segundo lugar, que el valor de desarrollo de los bienes exportados al Tercer Mundo, es un riesgo campartido por el proveedor y por el comprador conjuntamente.

This paper aims to discuss the part of the debt problem that is mainly composed of credits used for investments of dubious value from a development point of view, working on the basis of the so-called ‘odious debts’ of international law, and their link to the theory and practice of economic development. The purpose of the paper is to contribute to the solution of the current debt problem and its prevention for the future. Its basic assumptions are, firstly, that only by incorporating objective criteria that can be inferred from the international development debate is it possible to avoid an even more catastrophic situation; and, secondly, that the development value of goods exported to the Third World is a risk shared by the supplier and the buyer together.