Jo is joining anti-poverty campaigners and churches in support of a Bill to put a stop to vulture funds.
A vulture funds is where a small number of firms buy up the defaulted debts of the world’s poorest countries at low prices. They then take countries to court to recoup the debts at full value for immediate repayment, often in UK and US courts. This process allows a small number of investors to take money which poor countries urgently need to spend on health and education for their citizens.
Jubilee Debt Campaign campaigned to highlight a case last November in which vulture funds won £20million against Liberia, one of the poorest countries in the world, in a UK court.
Jo is supporting a Bill in Parliament to forbid vulture fund activity against the world’s poorest countries.
Commenting, Jo said:
“This Bill would play a key role in restricting the activities of investors that do not take part in debt relief, dealing with the so-called ‘Vulture Funds.’ For too long, unscruplous companies have been able to get away with exploiting the debt relief received by developing countries for their own profit, taking vital resources away from those in the greatest need. I will support this Bill and I hope this will make it possible to end this objectionable practice.”
Jason Donovan said:
“Like most people I want to see an end to global poverty. I certainly support this campaign, which aims to reduce third world debt and make a real difference to the lives of some of the poorest people in the world.”
Nick Dearden from Jubilee Debt Campaign said:
“We have seen that nothing short of legislation will stop these investors from their outrageous practices. It’s great that so many MPs have expressed support for this Bill, and will be taking time out of their dairies to make sure it becomes law. We have to make sure vulture funds are stopped from feeding off the poorest.”