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Mozambique: future target of vulture funds?

Tiago Stichelmans

25 Nov 2016 12:10:15

Once considered an economic recovery miracle, Mozambique is now facing a debt crisis that puts its future in jeopardy. Restructuring its debt in the absence of an international sovereign debt restructuring mechanism will be tricky and vulture funds might use that opportunity to attack the country.  Is the Mozambican economic miracle over? In recent years, many saw Mozambique’s success story with great optimism. Despite the very low human development index of this former Portuguese colony, Mozambique’s economic potential was widely recognised. As with many emerging African economies, the important natural resources of Mozambique suddenly created a surge in investments and exports. In addition to its huge coal reserves, massive gas fields were discovered in the Indian Ocean waters bordering ...
At its upcoming session on 20 September, the UN Human Rights Council will discuss a new report, coordinated by Jean Zielger, on the harmful activities of vulture funds and their impact on human rights. This report shows how vulture funds negatively impact ...
This is a guest post by Jan Van de Poel, Policy officer with Eurodad member 11.11.11 On Wednesday last week (6 May) all major parties represented in the Belgian federal parliament signed a proposal that will curtail the harmful speculation by vulture ...
This briefing gives an insight into vulture fund behavior, the consequences for developing countries, and lays out proposals for vulture fund legislation in the European Union.  Vulture Funds are speculative investment funds that buy up the debt ...

Sovereign debt restructuring: UN takes a big step forward

Bodo Ellmers

10 Sep 2014 17:18:54

The UN General Assembly has passed a landmark resolution that mandates the UN to create a “multilateral legal framework for sovereign debt restructuring”. Promoted by the G77 countries and triggered by the aggressive vulture funds lawsuits against Argentina, this resolution could be a game changer for the way future debt crises are managed. First and foremost, it has shifted the forum for political debate away from the International Monetary Fund (IMF) towards the UN. However, shamefully the EU’s vote was split over this crucial decision.  The path towards a real debt restructuring regime It is certainly not news that the lack of a legal framework for sovereign debt restructuring – a state insolvency regime – has been a gaping hole in the international financial architecture. ...

Governments take big step towards ending debt crises

Developing countries vote united for a new regime, EU is divided 10th September 2014 The way debt crises are managed could change forever following a UN General Assembly (UNGA) resolution paving the way for an international treaty to manage sovereign debt crises. The resolution, which was passed by 124 votes to 11 yesterday (Tuesday at 21:30 CET), gives the UN the mandate to create a multilateral legal framework for debt restructuring. For the first time since the United Nations began negotiating ...
By Bodo Ellmers The long litigation odyssey between the government of Argentina and holdout creditors continues. Debt justice campaigners in Argentina and the USA are enraged about a new ruling by the New York appeals court in favour of the ...