More than a decade’s campaigning has gained over $88 billion of debt cancellation for many of the world’s poorest countries. Uganda used this money to abolish primary school fees so poorer children could get an education, and Mozambique immunised hundreds of thousands of children against life threatening diseases. That’s the kind of thing Badger loves to hear. It makes his furry heart go all tingly!
But now it seems ‘vulture funds’ have started trying to get their claws on some of this money. They buy up poor countries’ debts cheaply, and then sue in court to recover the full amount, diverting money that should have been spent on health and education.
At least 54 companies are known to have taken legal action against 12 of the world’s poorest countries in recent years, for claims amounting to $1.5 billion.
A Bill is going through Parliament to stop UK courts being misused in this way. But it probably won’t have time to pass into law before the election.
So here’s how we can help:
We’re asking both the current Government and the Conservatives to promise to bring the Vultures Law back in the new Parliament if they win, so that countries like Uganda and Mozambique can carry on doing great things for the good of their populations.
We can’t let those scavengers feed on the vulnerable! Badger Alistair Darling and George Osborne to ban the vultures today!
If you’d like to know more, the experts at www.jubileedebtcampaign.org.uk have excellent videos and briefings