There is a long-standing precedent for countries refusing to pay "odious" debts - debts that were run up by repressive, colonial or otherwise illegitimate regimes. Similarly, a case can be made that countries who have been saddled with unpayable levels of IMF credit should be able to jettison these liabilities.

If I understand correctly this was a principle that mostly was used by Latin American countries in the 19th century - and also by the US when "liberating" such countries. It has since fallen out of use though attempts has been made to resurrect the principle.

Does anyone know when it was last used succesfully?

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