Ukraine inherited none of the Soviet Union’s debt, just as Scotland will inherit none of the United Kingdom’s debt.
Russia was the successor state to the Soviet Union, and thus got to keep the seat on the UN Security Council, the nuclear weapons and all Soviet overseas assets. On the other side of the ledger, as the successor state, it means that Russia got to keep all of the debt also. The agreement was finalised in 1993.
It appears certain that Westminster will insist upon being the successor state to the United Kingdom, and thus keep the seat on the UN Security Council, the nuclear weapons and the colonies. On the other side of the ledger, as the successor state, Westminster will get to keep the entire national debt too.
The independence of a state is a factor of its relationship to other states. It is governed by international law, not by domestic law. The position on debt is entirely clear.
The unionist media has raced to kickstart Project Fear by highlighting an individual who knows nothing whatsoever of international law, an Oxford University Professor of Economics, John Kay, who has conducted the utterly irrelevant exercise of dividing the UK’s national debt by 10. He states:
“It may be reasonable to assume that Scotland would begin independent life carrying, explicitly or implicitly, a pro-rata share of UK debt, which might be in the region of £180 billion”.
The depth of ignorance that lies behind those words “it may be reasonable to assume” is in direct proportion to his ludicrous confidence in stating this completely false premiss. It is worth bearing in mind that Economics Professor John Kay of Oxford University is in precisely the position occupied by the academic arses who taught Johnson, Cameron and Osborne to bullshit nonsense with an air of entitlement.
We are in for many months of posh twits from Oxford telling us lies and expecting us to tug our forelocks at their superior demeanour. Buckle up folks.
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