Jubilee Debt Campaign: Vulture Culture Update

Some good news for a change.

I previously blogged here and here on

 Vulture Funds which profiteer by buying up the debts of heavily indebted poor countries cheaply then seek to recover the full amounts.

In today's email:

Vulture Funds - we've won

Dear supporter,

We’re writing with good news: the Government has announced that it’s going to make the Vulture Funds law permanent.

Many of you campaigned very hard to get this law passed in literally the last few minutes before the election last year. It was a tribute to people power ? But there was a danger it would expire in June after a ?Sunset clause? Was added at the last minute.

Today’s news means that profiteering companies will never again be able to chase massive profits from old debts in British courts – at least from 40 of the world’s most impoverished countries.

The law is the first of its kind anywhere in the world, and it has attracted cross-party support. It has already saved the west African country of Liberia $40 million, after it was pursued by two vulture funds.

Nevertheless, the vulture fund threat is not over. A US vulture fund, FG Hemisphere, is currently suing the Democratic Republic of Congo, the second poorest country in the world, for $100 million through the Jersey courts. Jersey - a UK Overseas Territory - gets to pick and choose which UK laws it passes, and it hasn’t passed this one as yet.

Meanwhile, vultures are still free to swoop in other major sah centres like the United States ? But our sister organisation Jubilee USA is hoping to change that.

If you?Re inspired to make a donation towards our continuing campaigns today, we would massively appreciate your support. Even small donations can make a big difference to an organisation like ours.

Congratulations on this victory - a nd on to the next one!

Best wishes,

Jonathan Stevenson

Jubilee Debt Campaign

PS. If you’ve missed bits of the campaign, or you just want to relive the twists and turns, we’ve updated our vultures campaign timeline with today’s news.

Contact details

Jubilee Debt Campaign

The Grayston Centre

28 Charles Square

London

N1 6HT

United Kingdom

Tel: 44 (0)20 7324 4722

Fax: 44 (0)20 7324 4723

Email - for general enquiries and materials requests:

info@jubileedebtcampaign.Org.Uk

Web - http://www.Jubileedebtcampaign.Org.Uk/

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Jubilee Debt Campaign: Vulture Culture

Bankers are not alone in profiting on other people?S misery.

Vulture funds seek to profiteer by buying up the debts of heavily indebted poor countries at a cheap price, then trying to recover the full amount, often by suing through the courts. At least 54 companies, many based in tax havens, are known to have taken legal action against 12 of the world's poorest countries in recent years, for claims amounting to $1.5 billion. This means money released by debt relief is going into the pockets of wealthy investors, not spent on health and education. [Jubilee Debt Campaign]

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Jubilee Debt Campaign: Vulture Culture Bill - Update

On Friday, 26th February I blogged on the Vulture funds which profiteer by buying up the debts of heavily indebted poor countries cheaply then seek to recover the full amounts, thus depriving the very poorest people in the world of the basic necessities of life while they wallow in the riches of their ill-gotten gains.

After slowing the Debt Relief (Developing Countries) Bill in its Second Reading it failed to pass its Third reading in Parliament when a single Conservative MP objected:

http://www.Jubileedebtcampaign.Org.Uk/ACTION 1: Who Killed the Vultures Bill? 5572.Twl

Coming from a party in which it has been estimated that two-thirds of the shadow cabinet are millionaires this block looks more than insensitive. No understanding of poverty perhaps?

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Hurricane crisis: Debt Relief

DEBT RELIEF FOR HURRICANE-HIT ISLANDS

Please ask lenders to suspend

debt payments immediately

ACT NOW

Several countries in the Caribbean have been devastated by hurricanes. Some of those countries are already heavily indebted, partly due to rebuilding efforts following previous disasters.

Please sign the petition asking all creditors, including the IMF and World Bank, to suspend debt repayments.

Prime Minister of Dominica, Roosevelt Skerrit, has said: “We have lost all that money can buy and replace.” But tiny Dominica is due to make over $2 million of debt payments to the IMF and the World Bank in the next year.

With climate change, such devastating disasters are only likely to get worse, including in the Caribbean. And except for Haiti, Caribbean countries have been excluded from past debt relief initiatives.

Take action today.

Thank you for your support,

Sarah-Jayne Clifton

Director

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