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That this House welcomes the impact of the Debt Relief (Developing Countries) Act 2010 in preventing vulture funds taking an estimated £145 million from developing countries; further welcomes the passing of similar laws in Jersey, Guernsey and the Isle of Man; notes that vulture funds are trying to force Argentina to default on its debt through a legal case in New York; further notes that vulture funds are making large profits on Greek debt repayments owed under UK law, despite other creditors agreeing a reduction in the amount they are owed; is concerned that vulture funds are preventing the fair implementation of debt restructuring; and urges the Government to share its experience of legislating on vulture funds with the US administration, bring forward legislative proposals to prevent vulture funds ignoring international agreed debt restructuring for Argentina and Greece in UK courts, and support the creation of a fair, independent and transparent arbitration mechanism for sovereign debt.
Total number of signatures: 106
Showing 106 out of 106