Sunday, June 26, 2011

Vulture Funds Act made permanent

    It seems to have gathered little or no coverage at the time but it very leasing to see that The Debt Relief (Developing Countries) Act 2010 was made permanent last month.

    The main effect of the act was to prevent creditors from using British courts to seek harsh payments from some of the poorest and most vulnerable countries for debts that the likes of vulture funds may have bought for a fraction of the cost.

    Paul Singer - a face of evil

    It means that human excrement like Paul Singer, the CEO of the Elliott Management Corporation cannot use British courts to screw over poor countries.

    The act was originally a private member's bill that gained government support at the very end of the last Labour administration. Despite the efforts of Christopher Chope, the slimebag who sits as a Tory MP for Christchurch, the bill became law. However there was a "sunsetting clause" which meant that the act would fall into abeyance unless it was supported by the new Tory/Lib Dem administration. It is to their credit that support was given and the act is now permanently on the statute books.

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