Submitted on Wednesday 16th November 2011
Published on Tuesday 22nd November 2011
Current status: Closed
Closed: Thursday 22nd November 2012
Signatures: 2
Tagged with
disaster ~ Individuals ~ UK
Petition to close 'Vulture Funds' loophole in Jersey.
Vulture FundsÂ’ are companies that buy the debt owed by developing countries. They buy the debt cheaply then sue the country for the outstanding debt plus interest and fees. This can lead to the lawsuit being up to ten times the price paid for the debt. Such funds are wiping out the benefits which international debt relief was supposed to bring to poor countries.
''Vulture funds legally buy up worthless debt when countries are at war or suffering from a natural disaster and defaulting on their sovereign debt. Once the country has begun to stabilise, vulture funds cash in their cheap debt deeds, at massively inflated cost to the countries.''
(http://www.guardian.co.uk/global-development/2011/nov/15/call-action-vulture-funds-preying-poor)
The government should close the loophole in Jersey in order to protect the poorest and neediest and ensure individuals are safe from financial predators, thus keeping with its policy of foreign aid.
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