Island to take steps to combat foreign debt ‘vultures’

Monday 21st November 2011, 2:29PM GMT.

LEGISLATION should go before the States early next year to limit the possibility of Guernsey courts being used by speculators trying to force developing countries to pay crippling debts.

The Policy Council consulted on a draft law to crack down on so-called ‘vulture funds’ this summer and a similar review is taking place in Jersey.

‘On 6 June, the Policy Council agreed that a report should be prepared recommending the enactment of appropriate legislation designed to limit the capacity of “vulture funds” to enforce payment of debts through courts in the Bailiwick,’ said a spokesperson.

‘Since this time, the council has consulted on this matter and received positive responses.’

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1
Michael R

November 21, 2011 at 7:42 pm

And not before time.

This is a despicable practice and should have been stamped out long ago.

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2
Les Beaucamps Boy

November 22, 2011 at 3:18 am

The biggest Vultures are the States, government does not like competition!
Introduce these policies then deny responsibility!
1 You are not allowed to build a shelter on your own or common land.
2 The States is not responsible for suppling affordabe accomodation.
3 The minimum wage shall not reflect the money needed to live.
4 the States will not protect the local market housing stock.
5 You shall be taxed before you have earned enough to provide food and shelter for yourselves.
6 The States will not control immigration, so compete for your homes against people whose employers are not taxed.
7 The States will comission a poverty report and ignore it.
8 You will find eventually that you are no worse off on benefit, at this point you will become a low life scrounger. The trouble with you people is that you do not realize that you never had it so good.
9 The government will have to import more cheap labour to do the jobs you cant afford to do, further pushing up the cost of a hovel and its all your fault and yet you have the neck to complain about more indirect taxes.
10 Therefore dont rock the boat a few scraps from the table is more than you deserve and so what if you could home yourself 30 years ago, times change we have to think of financiers now, you ethnic patois types with Frenchiefied names really need to learn English and move to the UK and sponge there where its more accepted.
11 Haven’t the States done well members, pat ourselves on the back!

Cue the music and pbfalla appears to read the epilogue………..

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- Ray
  
  November 22, 2011 at 9:35 am
  
  I wonder if you could write that and have it published in Syria,Egypt,Burma,North Korea,China,Sark?
  
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3
Dave Haslam

November 22, 2011 at 1:26 pm

Vulture Funds

The only fund type that is at least honest in its nomenclature.

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