Vulture Funds

EDM number 618 in 2009-10, proposed by Andrew Gwynne on 14/01/2010.
Categorised under the topics of Financial services and International development.

That this House expresses concern at the activities of so-called vulture funds, which seek to profit unfairly from the defaulted debts of heavily indebted poor countries; notes that the international community has already deemed many of these countries' debts unsustainable by agreeing to reduce or cancel them; further notes the actions of a minority of creditors who litigate to seek full repayment of defaulted debt by claiming payment via international trade and even aid transactions; is concerned at the use of UK courts for a high proportion of these cases; welcomes the work by the Jubilee Debt Campaign to highlight the activities of the vulture funds; and supports the provisions of the Debt Relief (Developing Countries) Private Members Bill being introduced by the hon. Member for Denton and Reddish to limit the activities of vulture funds.

This motion has been signed by a total of 216 MPs.