In Syria, this new tool may not have much coercive effect – Assad seems determined to hold on to power, whatever the cost in lives, and Russia and Iran seem equally determined to support him. But a declaration from the Friends of Syria that new contracts with the regime are illegitimate and will not be enforceable in their courts would still send a strong signal to Assad – and to those in the country supporting him – that there is no hope of ever having a normal economy. As long as he is in power, investors and lenders would face the risk that any contracts they sign after the declaration could be repudiated. It would also send a tangible signal of support to the opposition, without having to single out any particular group, and would free a legitimate successor from having to repay whatever new debts are incurred by Assad in his scramble for regime-preserving resources.
Ideas to action: independent research for global prosperity