Home|About Us|Our Work|Join Us|Guide to Debt Crisis|Resources



    Landmark UK law against 'Vulture Funds' made permanent

    Sunday, May 01, 2011

    Last month, the UK government made permanent its landmark law to protect the poorest countries in the world from profiteering by so-called vulture funds (more from Jubilee Debt Campaign UK).

    Vulture Funds sue some of the world's poorest countries for full repayment of debts they buy up cheaply. In April 2010 an Act of Parliament - the Debt Relief (Developing Countries) Act - was passed which restricts the ability of Vulture Funds to sue the poorest countries in UK courts, a favourite jurisdiction of the funds. The Act represents the first of its kind anywhere in the world, and attracted cross-party support in the UK.

    Without such legislation enacted in Australia, these so called ‘Vulture Funds’ are free to profiteer from poor country debts in our courts. Last year one did just that in New South Wales.

    The global financial crisis has exposed an international financial system that urgently needs cleaning up. Combating Vulture Funds is a practical first step toward a global economy that works for the majority of people, not a small number of unethical investors.

    Learn more, and do something to help Jubilee Australia Stop the Debt Vultures.


    Copyright © Jubilee Australia