Jubilee Debt Campaign Birmingham

Islamic Relief magazine article on Vulture funds

Posted on: July 29, 2011

It is always encouraging to see publications covering our work.

Here is the latest article  from the summer edition of Islamic Relief magazine.

” END VULTUR£ FUNDS
Islamic Relief is a member of the Jubilee Debt Campaign, a coalition of organisations that work towards the 100% cancellation of unpayable and unjust developing country debts.

In March, following extensive pressure from Jubilee Debt Campaign coalition, it was announced that the UK government would make permanent a landmark law to protect the poorest countries in the world from profiteering by so-called vulture funds. Vulture funds buy poor countries’ debt cheaply and sue the countries for repayment of the full value; in other words, they seek a high return on a relatively small investment, at the expense of the world’s poorest.

The law has already saved Liberia $40million and successfully kept vulture funds out of UK courts.

International support for the act has been expressed by Archbishop Desmond Tutu, President Ellen Johnson Sirleaf of Liberia and President Bharrat Jagdeo of Guyana.

“We see this law as an important first step in putting the fight against poverty and inequality ahead of the excessive profits of a few greedy investors.”
Nick Dearden Director of Jubilee Debt Campaign.”

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