Petition Petition to close 'Vulture Funds' loophole in Jersey.

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Vulture Funds are companies that buy the debt owed by developing countries. They buy the debt cheaply then sue the country for the outstanding debt plus interest and fees. This can lead to the lawsuit being up to ten times the price paid for the debt. Such funds are wiping out the benefits which international debt relief was supposed to bring to poor countries.

''Vulture funds legally buy up worthless debt when countries are at war or suffering from a natural disaster and defaulting on their sovereign debt. Once the country has begun to stabilise, vulture funds cash in their cheap debt deeds, at massively inflated cost to the countries.''

(http://www.guardian.co.uk/global-development/2011/nov/15/call-action-vulture-funds-preying-poor)

The government should close the loophole in Jersey in order to protect the poorest and neediest and ensure individuals are safe from financial predators, thus keeping with its policy of foreign aid.

This petition is closed This petition ran for 6 months

2 signatures

Progress of the petition towards its next target: 2 of 10,000 signatures required to get a government response

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10,000 signatures required to get a government response

Date closed 22 November 2012
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