Vulture funds

• Vulture funds

  UK campaigners place advert in Buenos Aires Herald telling vulture funds: ‘Claws off Argentina’

  by Jubilee Debt Campaign

  11 January 2013

  Jubilee Debt Campaign has placed a full-page advert in the Buenos Aires Herald today, congratulating Argentina on the return of their ship the Libertad which had been impounded in Ghana following a case brought by vulture fund NML Capital.

• The Vultures vs Argentina: The Debt Case of the Century

  by Nick Dearden

  28 November 2012

  It has been called ’the sovereign debt case of the century’. Argentina’s economy is being held to ransom by a small handful of very wealthy speculators. If Argentina doesn’t give in to their demands by 15 December, so a New York court has ruled, the country will be judged to have defaulted. The conclusion to this crisis doesn’t only matter to Argentina. It effects the whole international debt system, specifically whether a sovereign nation has any power to defend its people from the most (...)

• Africa’s wealth is being devoured by tyrants and vultures

  by Nick Dearden

  31 July 2012

  Citizens of the Democratic Republic of Congo should be living in one of the world’s richest countries. Plunder and corruption condemns them to poverty ’Repayment’ of loans made to the corrupt Mobuto Sese Seko has proved an important means of draining the DRC’s wealth. Photograph: Remy De La Mauviniere/AP A surprise judgment was made last week against a vulture fund, FG Hemisphere, striking down its claim for $100m from the Democratic Republic of Congo. Keeping money out of the hands of (...)

• Greece: here come the vulture funds

  by Nick Dearden

  19 May 2012

  Financial ’investors’ have already made a killing on Greek debt, but this activity isn’t inevitable – such vultures can be challenged Not everyone is unhappy about the desperate straits of the Greek economy. A group of financial "investors" made a killing on Greek debt on Tuesday – purely by being the most unscrupulous players in the market. Dart Management is an investment fund based in the Cayman Islands, a British territory notorious for its tax haven status. Dart’s business model has (...)

• The vultures that want to bring Argentina to its knees

  
  by Stéphanie Jacquemont

  17 April 2012

  Argentina has recently been assaulted on several fronts. These attacks are related to the 2001 suspension of payment on its external debt and to cases brought against the country before the ICSID (International Centre for the Settlement of Investment Disputes), the controversial World Bank arbitration tribunal.  On 26 March 2012 the United States supended Argentina from its General System of Preferences (GSP), a mechanism allowing preferential tariffs to developing countries. According to (...)

• Great Britain. Osborne must stop the Greek vultures

  by Jubilee Debt Campaign

  12 March 2012

  Campaigners tell Chancellor to legislate against vulture funds taking action against Greece in British courts Global justice campaign group Jubilee Debt Campaign has warned the British Government that London courts could be used by vulture funds trying to sue Greece in the wake of agreement on last night’s debt haircut. They called on the Chancellor of the Exchequer, George Osborne, to introduce legislation making such practices illegal. Although the Greek debt reduction scheme - the (...)

• Europe should learn from Argentina’s experience of fighting off vultures, before it’s too late

  by Nick Dearden

  11 August 2011

  Last year we won a campaign against what we call vulture funds - companies that buy up defaulted developing country debt cheaply in order to sue the country concerned for the full value of that debt. These companies have blighted countries like Democratic Republic of Congo, Zambia and Liberia for years, threatening to drain their already depleted treasuries in order to make a substantial profit. The day before the British Parliament was dissolved for the 2010 election, parliamentarians (...)

• FG Hemisphere vulture fund’s latest victory against the Democratic Republic of Congo (DRC). What is Belgium doing?

  
  by Renaud Vivien

  2 January 2011

  Vulture funds continue to wreak havoc in the countries of the South. Democratic Republic of Congo (DRC) has to pay the price by losing a new lawsuit against the FG Hemisphere Hedge Fund before a court in Jersey. Unfortunately, this new wound was predictable. In fact, FG Hemisphere always uses the same method which is characteristic of Vulture funds. Like most Vulture funds FG Hemisphere has its bases in a tax haven (in Delaware, in the heart of the US) and in 2004 it purchased old (...)

• Green shoots amidst debt chaos

  
  by Éric Toussaint

  4 December 2007

  December 2007 As regards North/South relations, we are at present in a situation which is exactly the opposite of the financial crises of the past 25 years. The credit bubble has begun to deflate and is moving towards the developing countries in the form of speculative capital settling on stock exchanges such as those of Mumbai/Bombay, Shanghai or Sao Paulo. The high level of foreign reserves accumulated by the developing countries gives them some protection but caution is required. We (...)

• G8 and IMF Hinder Aid for Zambia While Vultures Attack

  4 October 2007

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