Conquering land sounds like a pretty good deal ... which is why it was a very popular activity for most of human history! But, as with all good things, someone eventually comes around and spoils the fun for everybody: in this case, that someone was German philosophers, who decided that conquered land should carry its debts to its new owner.

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Further Reading:

The Succession of States and the Problem of State Debts by P. K. Menon - [ Ссылка ]
The Concept of Odious Debt in Public International Law by Robert Howse - [ Ссылка ]
Sovereign Debt Defaults: Insights from History by Kim Oosterlinck - [ Ссылка ]
Bondholder gains from the annexation of Texas and implications of the US bailout by Richard Burdekin - [ Ссылка ]

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