Legal analysts who study sovereign debt often refer to the doctrine of "Odious Debts." As a rule, a state remains liable for its debts notwithstanding a change in government. The doctrine of Odious Debts purports to identify an exception in cases where lenders know that a despot's borrowing does not benefit the public. In such cases, the doctrine posits that a new government may repudiate the debt after it assumes power. The doctrine is aspirational, in the sense that no court or tribunal has unequivocally acknowledged its existence. Yet this has not diminished its appeal. Our Essay sets out the basics of this phenomenon.