imc indymedia

Los Angeles Indymedia : Activist News

white themeblack themered themetheme help
About Us Contact Us Subscribe Calendar Publish RSS
Features
latest news
best of news
syndication
commentary


KILLRADIO

VozMob

CopWatch LA

ABCF LA

A-Infos Radio

Indymedia On Air

Dope-X-Resistance-LA List

LAAMN List





IMC Network: www.indymedia.org africa: ambazonia canarias estrecho / madiaq kenya nigeria south africa canada: hamilton london, ontario maritimes montreal ontario ottawa quebec thunder bay vancouver victoria windsor winnipeg east asia: burma jakarta japan korea manila qc europe: abruzzo alacant andorra antwerpen armenia athens austria barcelona belarus belgium belgrade bristol brussels bulgaria calabria croatia cyprus emilia-romagna estrecho / madiaq euskal herria galiza germany grenoble hungary ireland istanbul italy la plana liege liguria lille linksunten lombardia london madrid malta marseille nantes napoli netherlands nice northern england norway oost-vlaanderen paris/Île-de-france patras piemonte poland portugal roma romania russia saint-petersburg scotland sverige switzerland thessaloniki torun toscana toulouse ukraine united kingdom valencia latin america: argentina bolivia chiapas chile chile sur cmi brasil colombia ecuador mexico peru puerto rico qollasuyu rosario santiago tijuana uruguay valparaiso venezuela venezuela oceania: adelaide aotearoa brisbane burma darwin jakarta manila melbourne perth qc sydney south asia: india mumbai united states: arizona arkansas asheville atlanta austin baltimore big muddy binghamton boston buffalo charlottesville chicago cleveland colorado columbus dc hawaii houston hudson mohawk kansas city la madison maine miami michigan milwaukee minneapolis/st. paul new hampshire new jersey new mexico new orleans north carolina north texas nyc oklahoma philadelphia pittsburgh portland richmond rochester rogue valley saint louis san diego san francisco san francisco bay area santa barbara santa cruz, ca sarasota seattle tampa bay tennessee urbana-champaign vermont western mass worcester west asia: armenia beirut israel palestine process: fbi/legal updates mailing lists process & imc docs tech volunteer projects: print radio satellite tv video regions: oceania united states topics: biotech
printable version - js reader version - email this article - view hidden posts - tags and related articles

Isle of Man Enacts Legislation to Outlaw Vulture Funds

by Jennifer Tong, Jubilee USA Network Thursday, Dec. 13, 2012 at 10:48 AM

This week, the Isle of Man passed legislation that would prevent vulture funds from exploiting the debts of some of the world’s poorest countries.

This week, the Isle of Man passed legislation that would prevent vulture funds from exploiting the debts of some of the world’s poorest countries.

The Heavily Indebted Poor Countries (Limitation on Debt Recovery) Act 2012 outlaws a practice that undermines international debt relief efforts. The legislation prevents vulture funds from buying up poor nations’ debts for a fraction of their original amount and then using the courts to sue for the full value, plus interest and penalty charges. In some cases, vulture funds have made a 400% profit.

Treasury Minister Eddie Teare MHK said the move sent a clear message that the Isle of Man was a well-regulated, transparent and co-operative country. “We have no evidence of vulture fund activity in the Isle of Man and as an internationally responsible country we do not want it here,” Mr Teare said. “This legislation will ensure our Island is not used for the disreputable business of exploiting Heavily Indebted Poor Countries.”

The new law, which is equivalent to the UK Debt Relief (Developing Countries) Act 2010, supports an international initiative to provide debt relief to heavily indebted low-income countries. The International Monetary Fund and World Bank estimate that vulture funds are seeking total claims of $1.47 billion from countries including Cameroon, Ethiopia, Sudan, Uganda and the Democratic Republic of Congo.

Minister Teare said: “Legislation to block vulture funds is further evidence of the Isle of Man’s commitment to playing a full and constructive role in the global community. The Island’s support for the Small Countries Financial Management Programme has earned positive international recognition, and we remain at the very forefront of developments in terms of tax transparency and co-operation.”

The Isle of Man’s decision to outlaw vulture funds has been welcomed by Eric LeCompte, Executive Director of Jubilee USA Network, who met Minister Teare in Tokyo in October at the 2012 meetings of the World Bank, IMF and Commonwealth Finance Ministers. Mr. LeCompte, whose organization has helped to secure important global financial reforms, said: “We are living in a time when hedge funds known as vulture funds are making enormous profits on the backs of the world's poorest people. The people of the Isle of Man courageously have stood with the world's most vulnerable and we offer an invitation to governments around the world to stand with them.”

---
Jubilee USA Network is an alliance of more than 75 US organizations, 250 faith communities and 50 Jubilee global partners. Jubilee USA Network has won critical global financial reforms and more than $130 billion in debt relief for the world's poorest countries. www.jubileeusa.org.
Report this post as:
Share on: Twitter, Facebook, Google+

add your comments


Local News

Bernie Sanders in Lincoln Heights M23 8:23PM

Los Angeles Sit-In to Fight Voter Suppression M18 4:28AM

War Within California's 46th CD M13 11:42AM

NPR's David Greene & Alison Aubrey along with David Ludwig Shill For Factory Farm Eggs M13 7:55AM

2016 AT&T Shareholders engaged by Communications Workers of America D9 Activists M12 11:43PM

Communications Workers of America District 9 Action at AT&T Shareholders M12 9:38PM

Voter Registration at ELAC M10 3:31PM

LA Times Fails to Cover Protest Against Clinton M07 9:15PM

Violence Against Poor In Venice A29 12:59PM

California Safe Schools Honors 11 Year Old Daniel Randall A25 2:25PM

NPR's Marketplace: The Voice of Loanshark Capitalism A19 4:08PM

Assemblywoman Melissa Melendez, Pandering to the Corporate Whores of the Storage Industry A09 5:03PM

Lartiste Maestro iTunes télécharger de la musique gratuit et Légalement 2016 A08 3:20PM

Spring 2016 National Immigrant Solidarity Network Monthly News Alert! A05 2:14PM

KPFK and Pacifica, more doings, reposted here A04 4:18PM

Liberated Political Prisoner Sekou Odinga Speaks Out M11 9:39AM

Solidarity With Anaheim M08 10:16AM

Tribune Company Stock Bought By LAPD Union To Silence Criticism Of Police M02 8:01AM

KPFK as Pacifica may be in legal jeopardy, again... M01 2:43PM

Anaheim Anti-KKK Fund Drive F29 5:04PM

March For Bernie 2, Pasadena and Los Angeles F28 8:16PM

Innovative Approach To Fighting The Droughts F16 11:56AM

International Day of Solidarity with Leonard Peltier F12 5:51PM

January 2016 Honduras Coup update F12 4:42PM

More Local News...

Other/Breaking News

Real humans ou la pensée conditionnée M27 8:30AM

Back to Trotskyism! Revolutionary regroupment with the League for the Fourth International M26 6:56PM

The Shortwave Report 05/27/16 Listen Globally! M26 4:53PM

Illegal drugs, too big to fail M26 3:32AM

Paraphysique du syndicalisme M26 12:43AM

Fbi murderous corruption, per validated " fbi whistleblower " M25 2:13PM

Puerto Rico Debt Bill Heads for Full House Vote M25 11:18AM

A Case Against Hillary Clinton, Candidate Of Endless War M25 10:58AM

Swami in a Strange Land M24 5:07PM

Benevolence vs. Evil M24 11:42AM

Duterte offers cabinet posts to Maoist Communist Party of the Philippines M24 4:26AM

Who Owns the Sky? The Climate in the Globalization Trap M24 4:02AM

Gaza to overtake Saudi Arabia with executions per capita M23 10:46PM

Hillary Clinton Flunks Animal Rights And Environmental Issues M21 12:52PM

Propaganda Countdown to WWIII: Armenians in the Crosshairs M21 6:28AM

Paraphysique du chômage M20 10:21AM

The Language of Neoliberalism M20 5:51AM

The Shortwave Report 05/20/16 Listen Globally! M19 4:15PM

L'an 01 M18 10:58PM

The Case for Public Housing M17 7:53PM

The American work ethic M17 6:21AM

Amok ou la sanie culturelle M16 11:25PM

9 Ways American Billionaire Leasers Of Our Air Waves Kill People M15 12:06PM

Simplexité de simplexification M15 12:47AM

Moringa great health benefits at large M14 10:17PM

Suez Canal + War [1956] M13 11:28AM

Fbi forces Vets into suicide M13 5:10AM

The Shortwave Report 05/13/16 Listen Globally! M12 4:18PM

More Breaking News...
© 2000-2003 Los Angeles Independent Media Center. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by the Los Angeles Independent Media Center. Running sf-active v0.9.4 Disclaimer | Privacy