Vulture funds and governments seek profit from Sudan debt relief
Today the Financial Times has reported that a group of vulture funds have hired lawyer Lee Buchheit to argue for debt relief for Sudan. They hope that if the North…
‘Outrageous’ Mozambique debt deal could make 270% profit for speculators
• People of Mozambique to pay $1.7 billion to $2.2 billion on original loan of $760 million, which was not agreed by Mozambique parliament, and which has been of no…
Chad at high risk of another debt default after restructuring
• Restructuring of Glencore loans reduces interest rates and extends maturity by four years • IMF accepts minimum needed to make debt ‘sustainable’, while country remains at high risk of…
Ukraine’s ‘odious debt’ defence of $3bn Russian default goes to UK court
The English Court of Appeal has overturned a previous ruling and said that Ukraine’s “duress” defence of its non-payment of a $3 billion debt to Russia can go to a…
Ghana’s debt situation worsens as lenders continue to be bailed out
• IMF projections for debt, revenue and interest all over-optimistic • But public spending cut by more than initially planned • Debt crisis expected to continue for next twenty years,…
We still need a debt jubilee: 20 years on from the Birmingham human chain
Twenty years ago today, as a wide-eyed 16 year old, I went on my first ever protest. Travelling to Birmingham with a group from my church, we joined 70,000 others…
Mozambique proposes paying secret debts in a decade
Hints that if creditors do not agree, legality of the debt may become an issue Bondholders reject proposal, but no creditor has taken legal action on defaulted debts In a…
Mozambique takes legal action on secret loans
Attorney General announces legal action against officials, but there is still no news of any action against the London banks by the UK’s FCA.
Hidden debts contribute to crisis in Congo
Questions still to be answered about scale of hidden debts and who loans were from Congo and Chad both cannot repay, but negotiations complicated by loans backed by oil The…
The new developing world debt crisis
A new debt crisis has begun in impoverished countries. The UK needs to take responsibility now for the debt contracted under English law. Read the 4 page briefing here. Summary A…
