Debt Relief has a long and honorable history. It was the foundation for the Jubilee mentioned in the Bible that wiped out debt every 49 years (see also, John Kelly's book: The Other Law of Moses). Debts used to die with the King, then they vanished when corporations, which used to have finite lifespans, went away. Now, they are supposed to go on forever, racking up more interest with no end in sight.
Odious debts are unpayable, and austerity kills any possibility of a country or its inhabitants earning enough money remaining in circulation to pay off their debts.
Here's what we could do instead: