Attac Jersey is a Member of the International Tax Justice Network. We are Members of the Association for the Taxation of financial Transactions for the Benefit of Citizens, (ATTAC) and the Tax Justice Network, (TJN). The aims of both organisations are to research, educate and campaign to further public awareness. We are seeking to alleviate poverty through the creation of just taxation systems to fund social goods.

Saturday, August 13, 2011




VULTURE FUNDS


 Bankers and others have been buying up outstanding debts owed by some developing countries and using law courts (including jersey's Royal Court) to enforce payment at the original value of the debt.

What is particularly unpleasant about this practice is that much of this debt had been partially written off through the process of international debt restructuring, which partly explains why the bankers were able to buy the debt cheap in the first place.

In summary, the vulture funds (many of which have bankers hidden
behind them) are forcing poor countries to pay long standing debts
that many of us had hoped were written off.

And they are using Jersey's Royal Court to enforce settlement because -- in the case of  Congo -- a partly state owned mining company has a Jersey-based  subsidiary.

John Christensen.  Director of the Tax Justice Network. 


 

A report  by the Tax Justice Network, Jubilee Debt, Christian Aid and Global Witness is due out very soon regarding the extractive industries operating in developing countries, with a particular focus on the Congo.  
 

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