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Hello friend,

Two big UK hedge funds are threatening to SUE Ethiopia, a country deep in debt crisis. They’re trying to force the government into a bad deal. It’s outrageous – and what's worse, they’ve done it before. [1]

Farallon Capital Management and VR Capital previously sued Mozambique during a huge debt scandal involving secret, illegal loans that were funded by two London banks. [2]

Now they and their fellow lenders are using UK law to bully Ethiopia into loan repayments the country can’t afford.

friend, will you add your name to the growing call for world leaders to act on the debt crisis and help stop injustices like this?


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These two financial giants both refused an earlier deal to cancel debt and instead are holding out for more profit. Now they're threatening to sue through the UK courts unless Ethiopia makes high interest debt repayments it can’t afford.

This shows why we urgently need a new debt justice law that would stop predatory lenders from suing countries in crisis through the UK courts. And new global rules that would help countries get debt cancelled.

As Abdurahman Hussien, from a thinktank in Ethiopia, explains:


** “Public debt accounts for a larger share of Ethiopia’s budget than that of education, health, water and energy combined. Substantial debt relief is required to free-up resources.”
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Without urgent action, it’s the Ethiopian people who will ultimately pay the price of the greed of financial predators. Sign the petition today and be part of the movement that wins debt justice for countries in crisis.


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This year is the biggest global debt movement in a generation – it's our chance to turn the tide on the debt crisis for good. That’s why, alongside allies, we’ve launched the Cancel Debt, Choose Hope campaign. Together we’re building a movement so big that decision-makers – including the UK government - will be forced to act.

It’s time to put an end to this outrageous behaviour by greedy private lenders and to get debt cancelled for countries like Ethiopia. I believe that together, we can make it happen.

In solidarity,

Wiz, Heidi, Tim, Debby and everyone at Debt Justice

Notes

[1] Debt Justice, Reaction to Ethiopia bondholders threatening legal action: [link removed]

Financial Times, Ethiopia bond investors accuse IMF over debt relief [paywall]: [link removed]

Debt Justice, Bondholders would still make 30% profit from rejected Ethiopia deal: [link removed]

[2] Debt Justice, UK Court rules that Mozambique is owed over $2billion in hidden debt case: [link removed]

Bloomberg, Hedge Funds Enter Credit Suisse Bribery Fight With Mozambique [link removed]




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