28 October 2014

Bruxelles, Belgique

13th international CADTM seminar on Debt and Human Rights

What possibilities for the States to stop the vultures funds?

Argentina has fallen prey to a bunch of hedge funds known as ’vulture funds’. Taking advantage of the precarious financial situations of some States, these vulture funds buy debts at a discounted price on a secondary market and then sue the debtors for the initial amount to which they add interests, penalties, and legal expenses. Argentina is not the only country affected by this kind of legal swindle. Some African and European countries have been already attacked as well. This is why it is critical that laws against vulture funds are passed and that the illegitimare debts of those countries are call into question as soon as possible.

Partenships: Olga Zrihen (senator), Ahmed Laaouej (federal MP)

Confirmed collaborations  : EURODAD, CNCD-11.11.11, Koepel van de Vlaamse Noord-Zuidbeweging – 11.11.11

Date : Mardi 28 octobre 2014 de 9h15 à 16h30

Venue: MP’s House (Belgian federal parliament), 21 rue de Louvain, 1000, Brussels

Languages: French, English, Spanish

Free entry with compulsory registration:
Registrations due by October 21th: write to Maud Bailly by specifying your name, surname and your organisation (optional): maudbailly at cadtm.org ; 0032 (0) 485 51 22 89

Seminar program

Introduction (9:15-10:15 am)

Renaud Vivien (CADTM Belgium) 

Ahmed Laaouej (federal MP), Olga Zrihen (senator) and Georges Gilkinet (federal MP)

1st Panel : The Argentinean case: balance Balance End of year statement of a company’s assets (what the company possesses) and liabilities (what it owes). In other words, the assets provide information about how the funds collected by the company have been used; and the liabilities, about the origins of those funds. and perspectives (10:15-11:30 am)

Moderation: Jan Van de Poel (11.11.11)

Mario Cafiero (former Argentinian MP, President of the political party “Proyecto Sur”, coauthor of the book La Argentina Robada, and of many other analyses on Argentinian external debt)

Maria Elena Saludas (ATTAC-CADTM Argentina)

Coffee breack: 11:30-11:45 am

2nd Panel: Review matters of the existing laws against vulture funds Vulture funds
Vulture fund
Investment funds who buy, on the secondary markets and at a significant discount, bonds once emitted by countries that are having repayment difficulties, from investors who prefer to cut their losses and take what price they can get in order to unload the risk from their books. The Vulture Funds then pursue the issuing country for the full amount of the debt they have purchased, not hesitating to seek decisions before, usually, British or US courts where the law is favourable to creditors.
(11:45am- 1:00 pm)

Moderation: Antonio Gambini (CNCD-11.11.11)

Tim Jones (Jubilee Debt Campaign UK)

Louise Abellard (jurist, specialised into vulture funds)

Lunch Break: 1-1:45 pm

3rd Panel: How to enforce the struggle against vulture funds and illegitimate debt at the Belgian, European and international levels (1:45-4:00 pm)

Moderation: Emilie Paumard (CADTM Belgium)

Tiago Stichelmans (EURODAD)

Dominique Mougenot (Belgian magistrate and Senior Lecturer at Law Faculty in Namur)

Cephas Lumina (Professor of Law, University of Fort Hare, South Africa and former United Nations Independent Expert on foreign debt and human rights)

Georges Katrougalos (Greek jurist and MEP)

Seminar sum up by Claude Quémar (CADTM France) (16-16:15 pm)


À venir



8 rue Jonfosse
4000 - Liège- Belgique

00324 60 97 96 80