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Stop Vulture Fund Lawsuits

A Handbook

image of Stop Vulture Fund Lawsuits

Vulture funds, funds that buy up the debt of sovereign countries at a discount in the hope of making significant profits, have caused considerable problems to a number of highly indebted countries. The Commonwealth Secretariat’s Legal Debt Clinic advises governments on best practice in negotiating loan agreements, and how to respond to the activities of vulture funds. This handbook distils the key lessons from that work, for the benefit of all government officials who may have to deal with these issues.

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Ways Forward

In September 2000, building upon a decade of major United Nations conferences and summits, world leaders came together at the UN headquarters in New York to adopt the UN Millennium Declaration. World leaders committed their nations to a new global partnership to reduce extreme poverty. They set out a series of timebound targets, with a deadline of 2015, that become known as the Millennium Develop ment Goals. Whilst there has been considerable success in addressing the problems of unsustainable debt, vulture funds have so far been equally successful in hindering poor countries’ progress towards the MDGs. The past decade has been marked by significant changes in debt restructuring patterns, each apparently better than the previous one (see Chapter 8, International Initiatives). But debt restructuring has been less successful than expected.

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