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Hi friend,
We’ve just learnt that debt vultures are suing Ethiopia, a nation pushed into crisis by climate disasters and debt. And they’re doing it right here in the UK!
In a country where millions have been displaced and more than one in ten need humanitarian assistance, the vultures are swooping in - draining scarce resources from a country in turmoil.
Debt vultures are a form of private creditor, buying up debt at rock bottom prices from countries in crisis and threatening to sue for large repayments in order to make vast profits. The vultures are cashing in and getting rich by draining national budgets, taking away resources from schools, hospitals, and essential public services.
Stop the debt vultures – sign here ([link removed])
As the debt crisis worsens, these vultures are scouring the landscape for opportunities to swoop in on countries in crisis. In December, they secured a deal with the Ukrainian government that will reward them with over $2bn more than other lenders.
Now, debt vultures are suing Ethiopia through the High Court in London, and our government is letting them do it [1]. Nine in ten debt contracts for lower-income countries are overseen by UK law. That means the vultures, like other private lenders, can threaten legal action and even sue through the British courts to secure themselves lucrative deals.
Heidi holding placard which reads 'stop the debt vultures' whilst being surrounded by vultures.
friend, a debt justice law would stop these vultures in mid-air. Add your name to the petition and call on the government to take urgent action.
friend, add your name ([link removed])
We know we can stop them: we’ve done it before. In 2010, we won a landmark law that stopped vulture funds from being able to sue countries through the UK courts. This victory meant more money for health, education and public services in countries like Liberia and the Democratic Republic of Congo. That law applied to the historic debts of countries in crisis – now the debt has built up again, the debt vultures are back.
friend, global momentum for action on the debt crisis has been growing. The calls from campaigners and countries in crisis for genuine debt cancellation are getting louder. Add your name today and make these demands impossible to ignore. ([link removed])
In solidarity,
Heidi, Wiz, Tim, and everyone at Debt Justice
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Notes
[1] Financial Times (paywalled), Bondholders prepare to sue Ethiopia over $1bn debt default, [link removed]
Reuters, Ethiopia investors plan legal action as row over $1 billion bond overhaul escalates,[link removed]
** Our strength lies in you
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Building a fair economy that puts human life before debt, takes commitment and independence. That’s why we won’t take money from anyone who might try to water down our demands.
Our strength to win lies in the thousands of people like you coming together to support Debt Justice.
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