Greece, Ireland and Portugal are the first three countries in the eurozone to agree to ‘bailout' plans with the so-called Troika consisting of the European commission, the European Central Bank (ECB) and the International Monetary Fund (IMF) which place them under the direct tutelage of their creditors. Yet these agreements, which generate new debts and force unprecedented austerity measures on the population, can be challenged under international law. They are in fact ‘odious' and therefore illegitimate. As the odious debt doctrine clearly affirms, the debts of the State must be incurred and the funds from it employed for the needs and in the interest of the State. However, the Troika loans are conditioned by austerity measures that flout international law and make it impossible for these countries to get out of the crisis. - IV439 - August 2011