This website was established while I was a Member of Parliament. The site content is being kept online as a source of information, but all forms / email have been disabled.

19 May 2009

Barrett takes action on vulture funds

John Barrett, Liberal Democrat MP for Edinburgh West has backed a bill in parliament to stop so-called ‘vulture funds’ profiteering from Third World debt.

Mr Barrett is supporting The Developing Country Debt (Restriction of Recovery) Bill to stop financial institutions from making multi-million pound profits out of the debts of some of the poorest countries in the world.

Vulture funds buy the debt of developing countries for relatively small amounts and then pursues the country through the court to win repayment of that debt.

At least 54 companies are known to have taken legal action against 12 of the world’s poorest countries. Most notably the vulture fund Donegal International, based in the British Virgin Islands, won $15.5 million through the courts in repayment for Zambian debt it bought for $3.3 million.

John Barrett said:

“The vulture funds have been making millions out of the debts of some of the poorest people in the world. This Bill will make sure that money meant to tackle poverty does not end up in profits for the richest.”

AIDS orphans

AIDS orphans

Related items

Keywords:
international
international development
poverty

Click on a keyword to find other pages with the same keyword.

This website was established while I was a Member of Parliament. The site content is being kept online as a source of information, but all forms / email have been disabled.