Jubilee Debt Campaign Birmingham

Archive for July 2009

In my last post to you I asked you to take action and get in touch with your MP. JDC supporters all across the  country have been doing just that and now I have some great news to share.

Last week, the British government announced a consultation on whether it should pass legislation to Stop Vulture Fund profiteering from poor country debt in UK courts.  And, we also have indication from US congressional committee leaders that they are interested in moving forward with the Stop Vulture Funds in America.

At long last it would seem that the British Government is listening to moral arguments and may even take on board that this practice is outrageous to take funds from poor countries which was intended for those in need.  Then to give the money to rich and powerful companies many of whom operate from tax havens.

The other good news story is that Minister for Development Mike Foster MP for Worcester has agreed to speak at a meeting in Worcester on September 15th. Also speaking on that night will be  The Director of Jubilee Debt Campain, Nick Deardon  who will able to voice our concerns about this and other aspect of forgiving debts.

Download a flyer here

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I hate the word vulture, it immediatly  paints a picture of death, picking over dry bones and ugly preying beings. Not surprising then that I am taking up the campaign to stop vulture funds being activiated by JDC.

Vulture funds are private companies that try to scavenge profit from the debts of some of the world’s poorest countries.

End the Vulture Culture

The evil deed is that by buying up the debts of heavily indebted poor countries at a cheap price,  they then try to recover the full amount, often by suing through the courts in UK or US.

Another part of the evil is that the  companies are often based in tax havens so compounding the injustice for the poorest countries. When the vultures strike and go in for the kill it often means that money given as debt relief is going into the pockets of wealthy investors, not spent on health and education in the poor countries.
At the moment thousands of campaigners across the world are working  on the issue. In UK we  are asking  MPs to bring an end to the vulture culture.

The Developing Country Debt (Restriction of Recovery) bill, introduced in Parliament by backbench MPs in May 2009, is our best hope of putting an end to the vulture funds in UK

Please write to your MP and ask them to:

  • Sign Early Day Motion 1440 on Regulating Vulture Funds
  • Write to the International Development Minister to ask the Government to introduce the provisions covered in the Bill
  • Support international measures to end the vulture culture and clean up global finance

Go our main website and down load campaign materials and network this information to all your contacts.

Thanks for reading this I feel much better after  blogging about the issue and can only hope you will take action.

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This is the blog of the local group of the UK campaign calling for cancellation of international Debt.

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July 2009
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