giovedì 17 novembre 2011

Firma la petizione contro la speculazione dei vultures funds

Vulture funds make money by buying up old debt against developing countries, and using the courts to sue them for it in order to reap massive profits. That’s just wrong. The problem is, that while the vulture funds law brought in the UK last year finally stopped this activity happening here, this doesn’t currently extend to Jersey.

The petition reads:

Dear Senator Gorst, Chief Minister of Jersey,
Take a stand and extend the UK’s Vulture Funds Law to Jersey. Stop vulture funds buying up cheap developing country debts, and then suing through your courts for massive profits. Taking advantage of countries trying to get back on their feet is just wrong.

Right now, vulture fund FG Hemisphere is using Jersey’s courts to claim $100m from the Democratic Republic of Congo, on a debt thought to have been bought for $3.3m.

After having much of their debt cancelled by the IMF and World Bank just last year, the impact that this will have on the DRC, and people living in extreme poverty, is just unimaginable. This shouldn’t be happening - let alone so close to home.

Join ONE and the Jubilee Debt Campaign UK in asking Jersey’s Chief Minister to take a stand, by extending the law that already exists here in the UK. It’s simply not right to turn a blind eye:

Thanks for your support on this, and please ask your friends to sign up too.

Kind Regards,

Claire Hazelgrove,

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