Zambia’s lenders should accept large debt write-down
Zambia, which spends four times more on external debt payments than public healthcare, could default on 14th November If paid in full, some bondholders could make 250% profit Jubilee Debt…
Vulture funds
Lenders drive Argentina into a debt default
Argentina is expected to formally default today after the 30-day grace period on a bond payment expires. Commenting on the default, Sarah-Jayne Clifton, Director of Jubilee Debt Campaign said: “Argentina…
Lebanon finally defaults, large write-down in debt needed
Jubilee Debt Campaign has been warning of Lebanon’s debt crisis since 2015 Large write-downs in debt will be needed by creditors to enable the country to recover Today Lebanon defaulted…
Argentina debt crisis inevitable failure of IMF bailout
IMF broke own rules to agree loans last year without a debt restructuring taking place By bailing out reckless lenders, the IMF repeats the same mistakes it made in Greece…
One Mozambique loan declared illegal, but speculators set to make 240% profit
Introduction A fortnight ago in a major victory for our allies The Mozambique Budget Monitoring Forum (FMO), a network of 21 civil society organisations, the Mozambique Constitutional Council ruled one…
Argentina is facing record debt and is on the road to hell. There is only one way out.
The legitimacy of the debt must be challenged and proposals for a public debt audit resuscitated. Dan Ozarow is Chair of Jubilee Debt Campaign’s Academic Advisory Network and member of Action…
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…
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…
France passes law to clip vulture funds’ wings
Companies prevented from seeking large profits on debts they bought when a government could not pay. France has passed a law to prevent vulture funds or other creditors from seeking…
Russia suing Ukraine in London shows failure of global debt rules
Russia’s case against Ukraine for repayment of a $3 billion loan will begin in London on Tuesday 17 January. Commenting ahead of the case, Sarah-Jayne Clifton, Director of the Jubilee…