Intro -- About the authors -- Figures and tables -- Figures -- 1.1 Examples of tombstones announcing syndicated loans to Gabon -- 1.2 Total debt stock, thirty-three sub-Saharan countries -- 1.3 Debt by creditor in sub-Saharan Africa, 2008 -- 1.4 External debt service payments -- 1.5 Net transfer -- 2.1 Annual capital flight from thirty-three sub-Saharan African countries, 1970-2008 -- 2.2 Wealth of Africa's high net worth individuals -- 2.3 Capital flight and tax revenue -- 3.1 Cumulative capital flight and external debt, 1970-2008 -- 4.1 Infant mortality and public health expenditure, 2005-07 -- 4.2 Public health expenditure and debt service -- 5.1 Types of sovereign debt -- Tables -- 1.1 Examples of syndicated loans -- 1.2 External debt: the top ten -- 2.1 Measuring capital flight -- 2.2 African capital flight: the top ten -- 2.3 Adjustments for trade misinvoicing and remittance discrepancies -- 3.1 Linkages between foreign borrowing and capital flight -- 4.1 Infant mortality -- 4.2 Public health expenditure -- A.1 External debt, 2008 -- A.2 Capital flight by country -- A.3 Infant mortality, public health expenditure and debt service by country -- Photographs -- 1 Zaire's president Joseph Mobutu was the first African head of state to be received by President George H. W. Bush in the White House, in June 1989 -- 2 Republic of Congo's President Denis Sassou Nguesso welcomed French President Nicolas Sarkozy to Brazzaville in 2009 -- 3 French president Valéry Giscard d'Estaing received Gabon's president Omar Bongo in Paris in November 1977 -- 4 Citibank chairman Walter Wriston offered the assurance that 'sovereign nations don't go bankrupt'.

5 'The main teaching hospital here is in such disrepair thatmany patients have to pay freelance porters for piggyback rides up and down the stairs to get X-rays. It costs 2 a flight,each way,' the New York Times reported from Brazzaville in December 2007 -- 6 The revolving door between foreign borrowing and capital flight has left the African people paying debt service on loans from which they did not benefit -- Abbreviations -- Acknowledgements -- Map: Cumulative capital flight, 1970-2008 -- Introduction -- 1 | Tales from the shadows of international finance -- Masters of disasters -- Subprime Africa -- Table 1.1 Examples of syndicated loans -- Africa's debt trap -- 1.1 Examples of tombstones announcing syndicated loans to Gabon -- 1.2 Total debt stock, thirty-three sub-Saharan African countries -- 1.3 Debt by creditor in sub-Saharan Africa, 2008 -- Table 1.2 External debt: the top ten -- 1.4 External debt service payments -- 1.5 Net transfer -- 2 | Measuring African capital flight -- Reading the hidden balance of payments -- Table 2.1 Measuring capital flight -- Counting the missing money -- 2.1 Annual capital flight for thirty-three sub-Saharan African countries, 1970-2008 -- 2.2 Wealth of Africa's high net worth individuals -- Table 2.2 African capital flight: the top ten -- Table 2.3 Adjustments for trade misinvoicing and remittance discrepancies -- Africa as a net creditor -- Bleeding a continent: the costs of capital flight -- 2.3 Capital flight and tax revenue -- 3 | The revolving door -- Debt-fuelled capital flight -- Table 3.1 Linkages between foreign borrowing and capital flight -- 3.1 Cumulative capital flight and external debt, 1970-2008 -- The greasy spigot: oil and capital flight -- Foreign loans: the good, the bad and the capital-starved -- 4 | The human costs -- Africa's quiet violence -- Table 4.1 Infant mortality.

Table 4.2 Public health expenditure -- 4.1 Infant mortality and public health expenditure, 2005-07 -- When debt service is bad for your health -- 4.2 Public health expenditure and debt service -- Connecting the dots -- 5 | The way forward -- Odious debt and international law -- 5.1 Types of sovereign debt -- Odious debts or odious governments? -- Conclusions -- Appendix 1 Tables -- Table A.1 External debt, 2008 -- Table A.2 Capital flight by country -- Table A.3 Infant mortality, public health expenditure and debt service by country -- Appendix 2 Senior policy seminar on capital flight in sub-Saharan Africa -- Summary outcome and policy recommendations (Pretoria, 3 November 2007) -- Notes -- Introduction -- 1 Tales from the shadows -- 2 Measuring African capital flight -- 3 The revolving door -- 4 The human costs -- 5 The way forward -- Bibliography -- Index.

Africa's Odious Debts explodes the myth that Africa is a drain on the West's finances, revealing that the continent is actually a net creditor to the rest of the world. Revealing the intimate links between foreign loans and capital flight, this is a vital book for anyone interested in Africa, its future and its relationship with the West.

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Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2018. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.