Four additional ways you can help to stop the Vulture Funds.
1.Send a message to Senator The Hon Bob Carr (Minister for Foreign Affairs) with responsibility for overseeing Australia’s foreign aid budget.
- I understand that Vulture Funds acquire the debt of developing countries at deeply discounted values and then bring lawsuits against the debtor nation in places all around the world where the debtor nation has assets. Vultures seek to recover the full face value of the loan plus accrued interest, penalties, court fees and legal costs, amounting to recoveries far in excess of the amount paid for the loan.
- It is unacceptable that a court in Australia can be used by private interests to acquire some of the meager assets of desperately poor nations who are already suffering in their determination to reform and rebuild; FG Hemispheres has already used the NSW Supreme Court to have over $30m worth of assets confiscated from the Democratic Republic of Congo.
- I support the urgent development and introduction into the House of Representatives of the Parliament of Australia of legislation that prohibits Vulture Funds from suing Highly Indebted Poor Countries in Australian courts for recovery of amounts that are any greater than those that would be available to creditors who comply with the terms of international debt relief programs.
- Australia should take note of the successful introduction of the UK Debt Relief (Developing Countries) Act 2010 which is a model for the legislative solution to this problem.
Do so by writing a personal letter or sending an email via the form available below:No more submissions accepted at this time.
2.Send a “Stop Debt Vultures” card to your local Federal Member:
“Stop Debt Vultures” card are available via our Contact Us page. Complete the form on the Contact Us page and ask to be sent copies of the Stop Debt Vultures Cards so that you can distribute them to your own contacts. Specify the number of cards required. The cards are to be completed and then forwarded to local Federal Members of Parliament. (View the card).
3. Write to a Senator or Senators representing your state.
We need to stop this happening again. This outrageous, legalised, merciless, disgusting, unconscionable behaviour deserves to be confronted. Your financial support for Jubilee Australia and its work will assist. www.jubileeaustralia.org/page/donate