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In April 2010 the UK passed the world's first vulture funds law. Read how it happened here.
4 October 2012 - NML Capital seizes Argentine ship in Ghana
One of the more extraordinary moves by a vulture fund: NML Capital, run by Mitt Romney donor Paul Singer, has seized an Argentinian naval ship in a Ghanaian port. Read more >>
1 October 2012 - Jersey tables vulture funds law
Great news: Jersey has finally introduced a draft vulture funds law into its Parliament. There are still several stages to go but well done to everyone who emailed or sent a postcard to the Jersey government! More >>
18 July 2012 - FG Hemisphere loses case against Congo
FG Hemisphere has lost the appeal in the Privy Council, meaning it cannot collect the $100 million in Jersey. Read more >>
11 June 2012 - Jersey MP asks what's delaying Vulture Law
The Jersey Evening Post has reported that Deputy Montfort Tadier has tabled a question for Ian Gorst, the Chief Minister of Jersey, on progress on the law. More >>
28 May 2012 - Protest as Congo case reaches Supreme Court
We held a protest outside the Supreme Court in London this morning as FG Hemisphere's $100 million claim faced its final appeal in the Privy Council - the highest court of appeal for Jersey's legal system. Despite Jersey's pledge to pass a vulture funds law earlier in the year, no such law has yet been passed, meaning the vulture fund could get away with it. A verdict is expected in two months.
ACT NOW: Ask Ian Gorst what is delaying Jersey's vultures law >>
Photos from the demonstration on our Facebook page >>
Press release >>
16 November 2011 - Exposed: Vulture Fund targeting Congo
The Guardian and BBC Newsnight have conducted a special investigation into the vulture fund FG Hemisphere, which is targeting the Democratic Republic of Congo in a Jersey court. Read more >>
16 August 2011 - Guernsey launches vultures law consultation
Guernsey, the second-biggest Channel Island, has launched a consultation on bringing in the UK's vulture fund law, as the BBC reports. It runs until 16 September. Read more >>
8 August 2011 - Nick Dearden responds to Vulture Fund lobbyist
Our Director's article about Vulture Funds on Huffington Post last week clearly ruffled the feathers of Robert J Shapiro, co-chairman of the American Task Force Argentina, who penned a furious response. Nick has now posted a reply to Shapiro's arguments. Read more >>
2 August 2011 - Vulture Funds - Coming to a Country Near You?
Nick Dearden has an article on Huffington Post today warning that Europe needs to learn from Argentina's experience of vulture funds before it's too late. Read more >>
1 July 2011 - Jersey and Guernsey consider action on vulture funds
Channel Islands interested in passing legislation. Read the full story >>
15 June 2011 - New petition to the Jersey government
You can call on the Government of Jersey to ban vulture funds from using courts on the island to sue the world's poorest countries. Either sign our petition online or download the petition.
6 May 2011 - Government accepts need to talk to Jersey
In a written answer to a Parliamentary question about the Vulture Funds law Treasury Minister Mark Hoban has said: "The UK will share its experience of addressing non-participation in debt relief with Britain's Crown Dependencies and Overseas Territories." It stops short of committing to extending the law to these territories (which include Jersey), but it's a start.
28 March 2011 - Victory! Vultures Law to be set in stone
Great news: we've won the extension of the Vulture Funds law. The UK Government has announced it will be made permanent. Read the full story >>
1 March 2011 - Vulture wins case in Australia
FG Hemisphere has won a case in Australia in its ongoing legal battle against DRC. The fund won a case in Jersey last year and has now won $30 million in Australia. Another good reason for the UK Government to make the law permanent when it comes up for debate this Spring.
2010
23 November - Liberia agrees to pay only 3% of vulture claim
Our latest press release describes the news that Liberia has reached agreement with two Caribbean-based ‘vulture funds’, Hamsah Investments and Wall Capital Ltd, over a debt dating back to the 1970s, as proof of the importance of the UK’s landmark vultures law. Read more >>
18 November - Paris Club expresses concern about vulture funds
Rich countries meeting in the Paris Club group of creditors have confirmed that they will be cancelling $7.4 billion of debt ‘owed’ by the Democratic Republic of Congo, and have expressed concern at the continuing activities of so-called 'vulture funds'. Read more >>
4 November - Vulture Fund awarded $100m in Jersey Court
We've condemned the awarding of $100 million to vulture fund FG Hemisphere from the Democratic Republic of Congo in a Jersey Court today. We're also calling for the UK's Vulture Funds law to be extended to all British overseas territories. Read our press release >>
10 August - Vultures petition available
With the new Government still to decide how to deal with the sunset clause to the Vulture Funds law (which means it will expire after a year), we've made a petition to George Osborne asking for him to make the law permanent. You can download it here. Keep an eye out for further actions in the months ahead.
27 July - Argentina evades the vultures
Argentina won a court decision against vulture funds in New York yesterday. Vultures have been using every trick in the book to get Argentina to cough-up funds since an economic crisis brought the country to its knees and forced it to default back in 2002.
Recently vultures have even tried to get the law changed in the US - through a Bill which would punish countries (most particularly Argentina) in default of US court judgements.
The crisis in Argentina 10 years ago was largely caused by appalling IMF advice, followed enthusiastically by neo-liberal politicians within the country. Argentina's path out of the disaster, including the debt write-down, was the only way for Argentina to escape an endless debt spiral. It worked and the economy recovered.
But the vultures - most of which never experienced the default anyway, but bought up already defaulted debt with the sole aim of squeezing funds from Argentina - have not gone away and have made Argentina's financial relations with the US very difficult. Yesterday a US judge thwarted the latest vulture plan to sequester Argentine property but it's unlikely to be the last Argentina hears of the vultures.
7 July - New government quizzed on sunset clause
Andrew Gwynne MP has asked a question of the new ministers at the Department for International Development about their plans for the Vulture Funds law. Minister Alan Duncan's response was:
"I acknowledge the success of the hon. Member in initiating this important Act, which is a key part of action against so-called vulture funds. It means that UK courts of law can no longer be used to pursue excessive claims against some of the poorest countries on their historic debts, ensuring that resources are available to tackle poverty. We will review the effectiveness of this new Act before the sunset clause expires next June."
He added: "The Act has been in place for only a month, and we will examine its effectiveness in the hope that it can be shown to work and can be renewed in the future." Read more >>
21 May - Coalition Agreement pledges vultures review
The new government's Coalition Agreement mentions vulture funds briefly:
We will review what action can be taken against ‘vulture funds’.
It's not a pledge to extend the law, but we weren't expecting that.
14 May - Jubilee USA video and campaign
Our friends at Jubilee USA are campaigning to get co-sponsors for the Stop VULTURE Funds Act (HR 2932) in the House of Representatives. Check out this brilliant video (and song!) they've made to support it, and send it to everyone you know in the US!
4 May - Al Jazeera report on Liberia
JDC Director Nick Dearden features in this Al Jazeera English report on Liberia and vulture funds.
20 April - UN expert welcomes Vultures Law
The UN expert on foreign debt and human rights, Cephas Lumina, has welcomed the UK's new vulture funds law, and said he hopes it will produce a positive ripple effect, with other countries passing similar laws. "From a human rights perspective, the settlement of excessive vulture fund claims by poor countries with unsustainable debt levels has a direct negative effect on the capacity of governments of these countries to fulfill their human rights obligations, especially economic, social and cultural rights, such as the rights to health, water and sanitation, food, housing and education,” he said. Full press release >>
19 April - Royal Assent
For anyone curious about what Royal Assent actually is, you can watch the moment the Bill became an Act on 7 April here. There are several at once and the whole process takes a couple of minutes or you can skip forward to here.
15 April - Vultures in the manifestos
Vulture funds have been mentioned in both the Labour and Liberal Democrat manifestos with both pledging to continue the fight against them. Labour says it plans to continue "building on legislation to clampdown on vulture funds" with the Liberal Democrats saying they will "take measures against ‘vulture funds’ and lobby for similar action at international level".
You can read what all the political parties say about fighting global poverty on the Vote Global website >>
12 April - More reactions to the Vultures Bill
Methodist, Baptist and United Reformed Church leaders celebrated the Bill and the positive effects it will have on poverty in the world's poorest countries Dr Richard Vautrey, Vice President of the Methodist Conference said. “We are pleased that our politicians have woken up to the injustice of private companies using UK courts to make a profit out of the poorest people in our world”. However they also highlighted the importance of keeping an eye on the Bill in case it is threatened by the sunset clause.
Jubilee Zambia are also celebrating and are urging the "USA and other Western Countries to emulate the British Government and ban Vulture Funds".
Meanwhile, Reuters blogger, Felix Salmon who has previously strongly criticised the campaign against vulture funds, arguing that the funds actually help developing countries to raise money appears to have warmed to the bill a little and has admitted that "it might conceivably do some good at the margin".
9 April - Reaction to the Vultures Law
The key thing about the wash-up - the process of selecting some bills to put through parliament with cross-party support at the end of the parliamentary session - is that the negotiations over which bills go forward take place behind closed doors (a process which has been heavily criticised). So we'll probably never know how it happened that the Vultures Bill got picked to be brought back. Nevertheless, politicians have made some interesting comments on the passage of the law.
Firstly, Andrew Mitchell, Conservative Shadow International Development Secretary, has released a statement saying: "At Conservative insistence, this bill was included in the wash-up. We are delighted that the bill, as amended by the Conservative frontbench, has gone through. Labour's attempt to set up an artificial dividing line over a matter of great importance to some of the poorest people in the world is regrettable, and all people of goodwill will be glad that it has backfired." Meanwhile, Douglas Alexander has written to campaigners who asked the Labour Party to support the Bill to say "Make no mistake, it was in the face of public opinion that Conservative MPs had to drop their objection to this bill."
As the election approaches, the fact is that all parties supported the Vultures law going through yesterday. We'll be putting out our assessment of where each party stands on other debt issues shortly. But for the time being you may be interested in reading the debates on the Bill: the Second Reading in the House of Commons, the Third Reading in the Commons, and yesterday's debate in the Lords. You can also check out whether your MP signed EDM 618, EDM 1085 or last year's EDM 1440 in support of a Vultures Law.
8 April - YOU DID IT: It's through the Lords!
Just after 2.30pm, the House of Lords passed the Vulture Funds Bill through its remaining stages, meaning there's only the formality of Royal Assent to go before it becomes law.
Read our press release here >>
Read the Lords debate here >>
8 April - Vultures Bill goes to the Lords
It's make or break day for the Vulture Funds Bill today. It's on the list for the House of Lords, but there are quite a few bills to get through and it's at the bottom of the list. It could also still be scuppered by an amendment, which would mean it needs to go back to the Commons and might not have time to receive to be agreed there and receive Royal Assent. There is more info about the formal stages a law has to go through here. We're expecting the Bill to be debated at about 6pm or 6.30pm, though it could be earlier. You can watch the House of Lords live here.
1.30PM UPDATE: They've got down the list to the Bill before, so it could be any time now.
You can also read the debate from the House of Commons on the Bill yesterday here. Highlights include Sally Keeble MP's call that "Opposition members have to make up their minds about which side they are on", front-bench support from all three parties, and supportive speeches from Mark Oaten MP, Sir Gerald Kaufman MP and John Battle MP. Keep clicking 'Next' in the bottom left to see the whole debate.
7 April - Vulture Funds Bill passes Commons; on track to become law this week
The Debt Relief (Developing Countries) Bill passed its third reading in the House of Commons today. This means it only has to pass through the House of Lords tomorrow afternoon to become law.
This is an extraordinary turn around of events. It is almost unheard of for a Private Members' Bill to become law in the 'wash-up' procedure at the end of a Parliamentary session. We'll bring you some of the highlights of today's debate as soon as it's published.
6 April - SUCCESS: Government announces vulture bill to go forward this week
The Government has just announced that the vultures bill - the Debt Relief (Developing Countries) Bill - will be included in the 'wash-up' which takes place before the General Election. The 'wash up' is a mechanism through which the party whips agree to take forward bills in the final days before a Parliament is dissolved for a General Election.
This means there is cross-party support for taking the bill forward and means it has a real chance of becoming law this week. We will keep reporting on proceedings in Parliament in coming days.
28 March - SUCCESS: Labour makes manifesto commitment
The Government has today announced that it will make a manifesto commitment to pass a Vulture Funds law early in the next Parliament. Read the full story in the Observer and also our press release.
26 March - More discussion on fate of Vultures Bill
The fate of the Debt Relief (Developing Countries) Bill was again raised in Parliament today in questions to Leader of the House Harriet Harman MP, who decides the Parliamentary timetable. Lib Dem David Heath MP and Labour MPs Sally Keeble and Sir Gerald Kaufman asked whether the Bill could still pass in the wash-up at the end of the Parliamentary session, if it achieves cross-party support. It was also raised in points of order to the Speaker, where Conservative Shadow Leader of the House George Young claimed the Conservative front-bench still supported the Bill.
22 March - Labour Party survey on Vulture Funds
The Labour Party is asking what they should do next about Vulture Funds. They've put a survey up on their website with three possible priorities - two of them worthy aspirations, but only one of them a concrete step which will bring real change. Please vote now for 'Commit to quickly introducing a law in the UK to clamp down on vulture funds following a general election'.
22 March - Chris Chope claims he's a scapegoat
The Bournemouth Daily Echo has a report today where Christopher Chope MP backtracks on his admission that it was him who blocked the Vulture Funds Bill. He also claims that he's been made a scapegoat for the death of the Bill, and "confirmed that he had not faced any backlash from the Conservative head office over the incident." Read the full story
19 March - President of Guyana support Vultures Law
Statement by His Excellency President Bharrat Jagdeo, President of the Republic of Guyana:
"The Government and People of Guyana are indeed thankful to the international community who have supported the country's development agenda... The debt relief obtained by Guyana has enabled our people to escape an unsustainable debt burden.
However, driven by greed and callousness, a number of vulture funds prey on poor countries and put in jeopardy the progress made by such countries... Having faced lawsuits from commercial creditors in the past, Guyana is well aware of the disastrous consequences which can spring from such litigation.
I therefore wish to publicly support the passage of the Debt Relief Bill in the Parliament of the United Kingdom which will help to prevent vulture funds from reversing the tremendous progress by countries such as Guyana towards the Millennium Development Goals."
18 March - Ask all parties to commit to the Vultures Law
It's positive that there's been greater political interest in vulture funds in the last week. But with the Debt Relief (Developing Countries) Bill now looking destined to run out of time, we need all parties to commit to introducing a law after the election:
Email the Labour Party >>
Email the Conservatives >>
Email the Liberal Democrats >>
Meanwhile, over 70 MPs have now signed EDM 1085 calling for more time for the Bill. Over 210 MPs signed the original EDM 618 in support of the Bill. There's still time for your MP to sign both motions. Email them via http://www.writetothem.com.
18 March - Government fails to give Bill more time
This morning in Parliament David Heath MP, Lib Dem Shadow Leader of the House, and Gerald Kaufman MP, Labour MP for Manchester Gorton, who has been very supportive of the Vulture Funds Bill, quizzed Harriet Harman on whether more time would be given to the Vultures Bill. While repeating the Government's position that Conservative opposition to the Bill was the problem, she made no commitment to providing further time before the election. So there now seems to be no realistic hope it'll be passed before the election (it still has to get through third reading in the House of Commons, and then all stages in the Lords).
18 March - Labour and Conservatives exchange letters over Vulture funds
Following Douglas Alexander's letter to David Cameron last Friday, Conservative Treasury Minister David Gauke has responded. Read both letters >>
17 March - 50 MPs sign EDM calling for more Government Time
50 MPs have signed Sally's Keeble's Early Day Motion calling for more Government time for the Bill. But it's not looking good.
17 March - Congo calls for creditors not to sell to the vultures
In the midst of all this it's useful to be reminded of why we need this bill in the first place. The Democratic Republic of Congo, which has $11 billion of mostly illegitimate debt knowingly lent to the dictator Mobutu Seso Seko, is due to receive 90% debt cancellation in June. Today the country's Debt Management Office has pleaded with creditors, including the First International Bank of Israel, not to sell these debts on to vulture funds.
17 March - Will the Treasury take up the Bill?
We're still waiting to discover whether there's life in this bill yet. But in the mean time it would be helpful to email Liam Byrne, Chief Secretary to the Treasury, saying you support the Treasury taking up this bill. Email . You could say:
Dear Liam Byrne MP,
The Debt Relief (Developing Countries) Bill is a very important bill and I would strongly encourage the Treasury to take it up as a Government Bill, in order to get it through the House of Commons before the election. I am very disappointed that it was blocked at third reading last week.
Yours sincerely,
16 March - Email Harriet Harman
Following today's clarification from the Conservative Party (see below), we're calling on Harriet Harman, the Leader of the House, to make time for the Bill on Thursday this week, when it's next listed for debate. It needs to be promoted to official 'Government time' to have a decent chance of being passed. Take action >>
16 March - Conservative Party responds
Today we've received a response from George Osborne's office to our call for clarification on the Conservative Party's position on the Bill. He says "The Conservative frontbench did not object to further progress of the Debt Relief Bill on Friday 12 March 2010, nor in any way collude with the objection. The Bill is due to be debated this Thursday and we are willing to co-operate with the Government to allow this Bill to progress on that day." Read it here in full.
15 March - Two new ways to help
A supporter has set up a new Facebook group, Shame On You Christopher Chope for blocking the Debt Relief Bill. And there's a petition on the Downing Street petition site. Our email actions are still the most useful, but the Number 10 petition can't hurt if you want to do more. See also Greg Palast's response to Friday's news, 'Vulture Vomit Kills Bill'.
14 March - Was it Christopher Chope MP?
The Independent is reporting that Christopher Chope MP blocked the Bill. But we are still concerned that he did so with authorisation from Conservative Party whips - whose job is to ensure that MPs vote with the party line. So our email action to David Cameron still stands.
13 March - Conservative MP blocks Vultures Bill
The Vulture Funds Bill was blocked at its third reading today after a single Conservative MP shouted 'object'. Amazingly, we don't know which one of three MPs huddled together, including two party Whips, made the call. We've got two new actions: please ask David Cameron who killed the bill, and ask the Government to make more time for it in Parliament.
12 March - Vultures Amendment Overturned
The amendment proposed by Tory MP Philip Davies was overturned this morning by the speaker and the Bill will have its third reading today in the House of Commons. It is sixth on today's list and is due to be discussed early this afternoon. Watch it live here!
12 March - Activists Demonstrate in Shipley
A group of activists protested outside Philip Davies' office in Shipley today to protest at his attempt to stop the vultures bill. He also recieved a barrage of emails from angry campaigners.
11 March - Philip Davies attempts to stop Bill
Philip Davies, Conservative MP for Shipley has introduced an amendment to the Vultures Bill which would effectively see the legislation thrown out of Parliament. JDC's campaigers are working hard to put pressure on him to withdraw it. Read more in The Guardian and Ekklesia .
10 March - Desmond Tutu and Former President of Tanzania Support Bill
The Debt Relief (Developing Countries) Bill has received support from around the world. Last Thursday Nobel Peace Laureate, Archbishop Desmond Tutu sent a message to Jubilee Debt Campaign, saying that "I indeed support you in wanting the Vultures' Bill passed into law". Benjamin William Mkapa, former president of the United Republic of Tanzania has also expressed his support describing how Vulture Funds quash the hopes of poor African countries raised after the Millennium Development Goals. He added 'I hope the intenational community joins hands to put an end to these deplorable activities of the Vulture Funds.'
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 >>