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US Supreme Court Ruling In Favour Of Vulture Funds

EDM number 133 in 2014-15, proposed by Roger Godsiff on 18/06/2014.
Categorised under the topics of Economic situation, Financial services, Latin America and North America.

That this House notes with concern the US Supreme Court's rejection of an appeal by Argentina against a ruling that it must repay in full creditors who purchased Argentinian debt at a discount on the secondary market, with the intention of extorting full payment; disagrees with the Court's decision to prioritise the greed of vulture funds over the Argentinian people's sovereignty and the country's ability to repay its legitimate creditors; observes that this case sets a worrying precedent and creates a disincentive for creditors to negotiate rather than demanding full payment; further notes that vulture funds have made sizeable donations to the Republican party and that Republican judges form a majority on the Supreme Court; expresses support for the people of Argentina, who should not be penalised in order to make hedge fund owners even more obscenely wealthy; supports the Argentinian government in prioritising the country's financial wellbeing over paying vulture funds; believes that it is unacceptable to purchase debt at the height of a debt crisis with the sole aim of profiting by suing the issuing country at the expense of its citizens; further expresses concern that if a similar case were to be heard in the UK courts, the same ruling in favour of vulture funds could be reached, unless the country concerned was one of the 40 covered by the Debt Relief Act 2010; and calls on the Government to bring forward the necessary legislative proposals to prevent this.

This motion has been signed by a total of 28 MPs.

Roger Godsiff18/06/2014Birmingham, Hall GreenLabourProposed
Jeremy Corbyn18/06/2014Islington NorthLabourSeconded
John McDonnell19/06/2014Hayes and HarlingtonLabourSeconded
Kelvin Hopkins19/06/2014Luton NorthLabourSeconded
Michael Weir19/06/2014AngusScottish National PartySeconded
Mark Durkan23/06/2014FoyleSocial Democratic and Labour PartySeconded
Martin Caton24/06/2014GowerLabourSigned
Elfyn Llwyd24/06/2014Dwyfor MeirionnyddPlaid CymruSigned
Hywel Williams24/06/2014ArfonPlaid CymruSigned
Caroline Lucas24/06/2014Brighton, PavilionGreenSigned
Virendra Sharma25/06/2014Ealing, SouthallLabourSigned
Frank Dobson25/06/2014Holborn and St PancrasLabourSigned
John Leech30/06/2014Manchester, WithingtonLiberal DemocratSigned
Mike Hancock01/07/2014Portsmouth SouthLiberal DemocratSigned
George Galloway10/07/2014Bradford WestRespectSigned
Gerald Kaufman15/07/2014Manchester, GortonLabourSigned
Robert Flello06/11/2014Stoke-on-Trent SouthLabourSigned
Paul Flynn10/12/2014Newport WestLabourSigned
Joan Walley15/12/2014Stoke-on-Trent NorthLabourSigned
Michael Connarty15/12/2014Linlithgow and East FalkirkLabourSigned
Jimmy Hood15/12/2014Lanark and Hamilton EastLabourSigned
Kevin Barron16/12/2014Rother ValleyLabourSigned
Naomi Long05/01/2015Belfast EastAllianceSigned
George Howarth05/01/2015KnowsleyLabourSigned
Tony Cunningham05/01/2015WorkingtonLabourSigned
Mike Wood09/01/2015Batley and SpenLabourSigned
Grahame Morris28/01/2015EasingtonLabourSigned
Katy Clark02/02/2015North Ayrshire and ArranLabourSigned

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