46970
2014-15
133
US Supreme Court Ruling In Favour Of Vulture Funds
Roger Godsiff
2014-06-18
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.
Economic situation
Financial services
Latin America
North America
Roger Godsiff
2014-06-18
Proposed
Birmingham, Hall Green
Labour
Jeremy Corbyn
2014-06-18
Seconded
Islington North
Labour
John McDonnell
2014-06-19
Seconded
Hayes and Harlington
Labour
Kelvin Hopkins
2014-06-19
Seconded
Luton North
Labour
Michael Weir
2014-06-19
Seconded
Angus
Scottish National Party
Mark Durkan
2014-06-23
Seconded
Foyle
Social Democratic and Labour Party
Martin Caton
2014-06-24
Signed
Gower
Labour
Elfyn Llwyd
2014-06-24
Signed
Dwyfor Meirionnydd
Plaid Cymru
Hywel Williams
2014-06-24
Signed
Arfon
Plaid Cymru
Caroline Lucas
2014-06-24
Signed
Brighton, Pavilion
Green
Virendra Sharma
2014-06-25
Signed
Ealing, Southall
Labour
Frank Dobson
2014-06-25
Signed
Holborn and St Pancras
Labour
John Leech
2014-06-30
Signed
Manchester, Withington
Liberal Democrat
Mike Hancock
2014-07-01
Signed
Portsmouth South
Liberal Democrat
George Galloway
2014-07-10
Signed
Bradford West
Respect
Gerald Kaufman
2014-07-15
Signed
Manchester, Gorton
Labour
Robert Flello
2014-11-06
Signed
Stoke-on-Trent South
Labour
Paul Flynn
2014-12-10
Signed
Newport West
Labour
Joan Walley
2014-12-15
Signed
Stoke-on-Trent North
Labour
Michael Connarty
2014-12-15
Signed
Linlithgow and East Falkirk
Labour
Jimmy Hood
2014-12-15
Signed
Lanark and Hamilton East
Labour
Kevin Barron
2014-12-16
Signed
Rother Valley
Labour
Naomi Long
2015-01-05
Signed
Belfast East
Alliance
George Howarth
2015-01-05
Signed
Knowsley
Labour
Tony Cunningham
2015-01-05
Signed
Workington
Labour
Mike Wood
2015-01-09
Signed
Batley and Spen
Labour
Grahame Morris
2015-01-28
Signed
Easington
Labour
Katy Clark
2015-02-02
Signed
North Ayrshire and Arran
Labour