Campaign Latest
There has been an incredible response to our End the Vulture Culture campaign. From Glastonbury to US Congress see how the word has spread.
10 March - Committee Stage
The vulture bill passed through its committee stage today, where MPs discuss a bill in some detail and add amendments. Nick Dearden reports from Parliament on what happened and what it means.
26 Feb - Vultures Bill passes second reading
The Debt Relief (Developing Countries) Bill was successfully passed by parliament at its second reading but thanks to Tory insistence must now go through a committee stage. This will slow the process down and has raised worries that the bill might not become law before the General Election.
25 Feb - President of Liberia Supports Vulture Bill
Great article out by Greg Palast in the Guardian today which reports that the President of Liberia supports the vulture bill getting its second reading tomorrow. He also reports that a senior investment manager is critical of the appalling action which two vulture funds took against Liberia last November.
We also have a new video on the website explaining what vulture funds are and why they’re a problem.
Watch the full report by Palast on Newsnight tonight.
24 Feb - Cake Sale at Vulture Law Firm
Campaigners today held a ‘cake sale’ outside the office of City law firm Dechert, who represented the vulture funds in the court case against Liberia last November. We figured that if Dechert was so hard up it had to take business based on such unethical activities, they really need some help in living up to their supposedly ‘socially responsible’ image. On the day of our stunt, Dechert organised a conference in New York, focussing on the importance of ‘global ethics’ in business.
Article in the Guardian announced the vulture fund bill that will be discussed on Friday.
Another article published in the Financial Times today looked at a recent decision in the ongoing vulture fund case against the Democratic Republic of Congo. In essence, the fund – FG Hemisphere – is trying to take a cut of Chinese investment going into DRC. This is a good example of why vultures are so bad for developing countries – not only do they directly take money out of the country, but they prevent other countries and companies investing in these very poor countries. Good blog by Ann Pettifor explaining why this shows the need for a structural solution to international debt in which all ‘blame’ for debt does not fall onto the debtor.
23 Feb - Financial Sector Lobbies Against Bill
The financial sector has voiced its opposition to the Debt Relief (Developing Countries) Bill which would introduce legislation to regulate 'vulture funds'
The consultation responses to the Debt Relief (Developing Countries) Bill included high levels of support from charities and development agencies who highlighted the immorality and counterproductivity of vulture funds in the attempt for debt reductions in some of the poorest countries in the world. However it also predictably saw a lot of opposition from those with a vested interest in countering challenges to the current lack of accountability in the financial sector.
23 Feb - Government Supports Vulture Legislation
The British government has said it supports legislation to stop vulture behaviour again HIPC (eligible) countries.
I’ve written a blog with more details on the EuroDad site. In short – the Government has come out clearly supporting a new law despite of a number of submissions from the financial services industry opposing legislation. The Government has said it supports legislation which would ensure that any creditor litigating against a Heavily Indebted Poor Country (HIPC) would be forced to accept a HIPC-style write down on its claim. This would often wipe 90% off the claim and make it much more unlikely that vultures will bother to buy-up the debts in the first place.
Moreover, the bill will have a retroactive element – it will apply to awards which have already been made but not enforced. This is good news for Liberia which had an award of $20 million made against it in the High Court in London last November, and is now preparing to fight off enforcement cases.
These principles are all incorporated into Andrew Gwynne’s Private Member’s Bill which will receive its second reading on Friday.
11 Feb - MPs show support for vulture bill
MPs from across the parties turned out yesterday to affirm their support for Andrew Gwynne MP’s Debt Relief (Developing Countries) Bill. Speakers from each of the main parties outlined the urgent need for cross-party support to bring about this legislation. Speakers included Nigel Evans, Conservative MP, Gareth Thomas, Minister for International Development, Lembit Opik, Lib Dem MP, the High Commissioner of Mozambique and Nick Dearden, director of JDC.
Jan - Support the Vultures Funds Bill
Andrew Gwynne MP's Private Members Bill to tackle vulture funds has its second reading in Parliament on the 26th February. If passed, this Bill would limit the ability of vulture funds to use UK law to prey on the poorest countries in the world. TAKE ACTION to ensure your MP supports it.
15 Jan - Vultures gather over Argentina
US courts have ruled in favour of vulture funds in a dispute over defaulted debts dating back to 2002 when severe economic problems forced Argentina to default. Despite an agreement being reached over the debts in 2004, with the majority of bondholders agreeing to accept around one third of the price, some of the remainder was sold at a discount to the vulture funds. An increase in the debt burden would have serious impacts on the Argentinean economy and its citizens’ welfare.
2009
17 Dec - UN expert urges action against vultures
UN expert on foreign debt regrets British court order that Liberia must pay 1978 debt to 'vulture funds'
1 Dec - Andrew Gwynne MP sponsors vultures bill
Good news: Labour MP Andrew Gwynne, number three on the Private Members' Ballot, has agreed to sponsor a bill targeting Vulture Funds.
26 Nov - Vultures Swoop on Liberia in London
Two vulture funds have been awarded $20 million from Liberia in the High Court in London today, for a debt dating back to the 1970s.
Oct - The Business Case Against Vultures
This new briefing considers why vulture funds are a problem for business, what legislation is being proposed in the UK, and what impact it would have, if any, on the secondary debt market. Download >>
Sep - Responding to your MP
Thousands of people have written to their MPs about vultures funds, and over 180 MPs have signed EDM 1440. Here we give suggested responses to some common claims made by MPs in response to our campaign. Read more >>
Sep - Vulture funds: Where are they operating?
This set of case studies looks at current vulture fund claims being made against Nicaragua, Honduras, Uganda, Ethiopia, Sudan and Cameroon.
21 Jul - Vultures law proposed
The UK Government has today announced a consultation on a new law that would prevent lenders from profiting from the debts of developing countries.
June - Glastonbury
Sunshine, fresh air and good music not a good mix for Vultures as festival goers give a massive boost to the Vulture Culture Campaign
May - Press on Vultures
'MPs act to keep the vultures at bay' More >>
'The vulture fund culture must end' More >>
'US bill would outlaw vulture funds' More >>
6 May - Vulture Funds UK Action
Sally Keeble MP led a group of 12 cross-party MPs proposing legislation in Parliament to stop vulture funds profiteering from poor country debt.
Dec 1 - Vulture Act introduced into US Congress
Representative Maxine Waters introduced the Stop VULTURE Funds Act, a bill into Congress that would prevent vulture funds from making this excessive profit at the expense of poor countries.
See where the vultures are circling
The map from Africa Action's website illustrates the commercial creditor lawsuits against countries receiving the Heavily Indebted Poor Countries (HIPC) Initiative and Multilateral Debt Relief Initiative (MDRI) Assistance (As of the end of 2007)
Support the campaign
Order your Vulture Culture Materials here >>
