Vulture funds

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Vulture funds

Stop feeding the vulture funds: Argentina’s agreement to hand over $4.65bn proves the world needs a new, fairer insolvency regime

2 March 2016 - by Bodo Ellmers

Argentina’s ‘agreement’ to award vulture funds US$4.6bn (€4.26bn) demonstrates why nations need a new global system to resolve debt issues and avoid being held to ransom.
No Need to Negotiate with Vulture Funds

22 February 2016 - by Renaud Vivien

Since his victory in the November elections, the new President of Argentina, Mauricio Macri, has given priority to resolving the dispute between his country and “vulture funds” – investment funds that buy up heavily marked-down sovereign debt from (...)
Greece falls prey to ECB diktats and blackmail

21 January 2016 - by Eric Toussaint

There follows the summary of a talk given at the European Parliament in Brussels by Eric Toussaint on 14 January 2016 on the occasion of the international meeting organized by the left-wing European Parliamentary Group GUE/NGL (European United (...)
Argentina Negotiates Debt Dispute with “Holdout” Hedge Funds

14 January 2016 - by Jubilee USA

Washington DC- Argentina’s new government begins negotiations in New York with groups that sued the country for more than $1 billion after the country defaulted on its debt in 2001. President Mauricio Macri took office in December and announced (...)
Vulture Fund Paella and Greek Salad

30 December 2015 - by Pierre Gottiniaux

One thing is for certain; 2015 has been a hectic year! Only a little more than the previous ones, you would rightly say, but this time it’s as clear as the nose on your face: “But my dears, this, for us, is routine, listen to this! I have just (...)
New food for the vultures? Lack of state insolvency regime undermines Ukraine debt deal

27 August 2015 - by Bodo Ellmers

Ukraine has reached a debt restructuring agreement with a creditor committee representing 50% of outstanding government bonds. Substantial debt reduction is essential to bring Ukraine’s debt levels down to sustainable levels. But the agreed deal (...)
How Hedge and Vulture Funds Have Exploited Puerto Rico’s Debt Crisis

23 July 2015 - by Ed Morales

For this island teetering on bankruptcy, debt renegotiation is imminent—but on whose terms? New York–born Puerto Rican activist David Galarza spent a recent sultry summer Monday picketing a meeting of bondholders by day and meeting with (...)
New anti-vulture fund legislation in Belgium: an example for Europe and rest of the world

19 May 2015 - by Jan Van de Poel

On Wednesday last week (6 May) all major parties represented in the Belgian federal parliament signed a proposal that will curtail the harmful speculation by vulture funds: investment companies that buy up defaulted debts for bargain prices and (...)
Argentina must audit the debt taken between 1976 and 2014

20 October 2014 - by Eric Toussaint, Fermin Koop

Eric Toussaint interviewed by Fermín Koop, from Buenos Aires Herald [1]. Eric Toussaint supports Argentina’s position against the ‘vulture funds’ that are waging a legal battle against the country in US courts. But he’s also highly critical of (...)
“Vulture funds are the vanguard”

17 October 2014 - by Eric Toussaint, Julia Goldenberg

Eric Toussaint interviewed by Julia Goldenberg for the Argentine newspaper Página 12. Eric Toussaint is a political scientist, university professor, activist and chairman of the Committee for the Abolition of Third World Debt (CADTM). He has (...)
5^th international meeting of CADTM Latin America and the Caribbeans

15 October 2014 - by CADTM

The 5th international meeting CADTM Latin America and the Caribbeans was preceded by a press conference on 8th October 2014 in which the delegates presented the priorities of the movements. The following medias and the journalist were present: (...)
Human Rights Council condemns vulture funds activity

3 October 2014 - by Aldo Caliari

Last week, the Human Rights Council adopted a resolution condemning the activities of vulture funds for their impacts on the capacity of governments to fulfill their human rights obligations. In a resolution passed with 33 of the votes of (...)
Argentina passes law to establish debt audit commission

3 October 2014 - by Jubilee Debt Campaign

Argentina has legislated to create a commission to investigate the origin of the country’s debt, dating back to the military dictatorship of 1976 to 1983. The law states that once the commission has been established, it will report within 180 (...)
How to resist vulture funds and financial imperialism?

1 October 2014 - by Eric Toussaint

Speech delivered at the International Seminar on “Alternatives to financial imperialism and vulture funds” held in Caracas (Venezuela), on 12th August 2014 Panel moderator: Dr. Eric Toussaint has come from Belgium to be with us today. Born in (...)
What the NML vs Argentina case means for the world

26 August 2014 - by Oscar Ugarteche Galarza

In June 2014, the US Supreme Court rejected Argentina’s appeal against a New York court’s ruling in favour of hedge fund NML and against Argentina. The issue at stake was whether a hedge fund that bought Argentinian debt three years after a debt (...)
Don´t Owe, Won´t Pay: YES to life, NO more vultures!

25 July 2014 - by Jubilee South-Americas

This past June 16th, the Supreme Court of the U.S. announced two highly pernicious decisions not only for Argentina and its people, but for all those who defend sovereignty and the primacy of human rights over the claims of big capital. The (...)
The debt business: NML Capital pockets a billion of Bankia’s failed credits

The vulture funds that corner Argentina also comes for you

16 July 2014 - by Jérôme Duval, Fátima Martín

The speculative funds that have taken Argentina to the edge of a new bankruptcy are spreading in the Spanish market. The vulture fund NML Capital that, together with others, has Argentina on the edge of suspending payments, is already (...)
Judge Griesa: It is just not to pay an illegitimate and immoral debt

2 July 2014 - by Adolfo Pérez Esquivel

An open letter from Nobel Peace Laureate, Adolfo Pérez Esquivel, to Thomas Griesa, the US judge presiding over the ‘debt trial of the century’ between Argentina and two vulture funds in New York. Mr. Thomas Griesa Judge of the United States (...)
Debt Justice Campaigners Call for Regulation of Vulture funds

19 June 2014 - by Nessa Ní Chasaide

Irish justice organisation Debt and Development Coalition Ireland (DDCI) has called for international regulation of vulture fund activity in response to the US Supreme Court refusal to hear the Government of Argentina’s appeal against the US$ 1.3 (...)
Argentina

Recent decision in favour of “vulture funds”: A new page in the story of illegal and illegitimate debt

12 September 2013 - by ATTAC/CADTM Argentina, CADTM AYNA

The recent decision by the New York appeals court declaring that Argentina must pay its holdout creditors in full demonstrates that until Argentina repudiates its illegal and illegitimate debt, it will continue to be harassed by international (...)
Argentina

Vulture funds: US court ruling on Argentina enrages debt justice campaigners

3 September 2013 - by Bodo Ellmers

The long litigation odyssey between the government of Argentina and holdout creditors continues. Debt justice campaigners in Argentina and the USA are enraged about a new ruling by the New York appeals court in favour of the vulture funds NML (...)
Vulture funds

UK campaigners place advert in Buenos Aires Herald telling vulture funds: ‘Claws off Argentina’

11 January 2013 - by Jubilee Debt Campaign

Jubilee Debt Campaign has placed a full-page advert in the Buenos Aires Herald today, congratulating Argentina on the return of their ship the Libertad which had been impounded in Ghana following a case brought by vulture fund NML (...)
The Vultures vs Argentina: The Debt Case of the Century

28 November 2012 - by Nick Dearden

It has been called ’the sovereign debt case of the century’. Argentina’s economy is being held to ransom by a small handful of very wealthy speculators. If Argentina doesn’t give in to their demands by 15 December, so a New York court has ruled, the (...)
Africa’s wealth is being devoured by tyrants and vultures

31 July 2012 - by Nick Dearden

Citizens of the Democratic Republic of Congo should be living in one of the world’s richest countries. Plunder and corruption condemns them to poverty ’Repayment’ of loans made to the corrupt Mobuto Sese Seko has proved an important means of (...)
Greece: here come the vulture funds

19 May 2012 - by Nick Dearden

Financial ’investors’ have already made a killing on Greek debt, but this activity isn’t inevitable – such vultures can be challenged Not everyone is unhappy about the desperate straits of the Greek economy. A group of financial “investors” made a (...)