Former Neighbours and current West End star, Jason Donovan has joined local MP Norman Baker in condemning "vulture funds" and supporting steps to prevent this practice by financial firms.
Vulture funds are where a small number of firms buy up the defaulted debts of the world's poorest countries, often at low prices. They then take countries to court to aggressively recoup the debts at full value for immediate repayment, often in UK and US courts. This action allows a small number of investors to take money which poor countries urgently need to spend on health and education for their citizens. Charity Jubilee Debt Campaign has been working to outlaw this practice for over a year.
Commenting, Norman said: "Vulture funds basically involve some of the wealthiest individuals in the world preying on the poorest people, and most vulnerable countries. In anyone's eyes they must be considered morally deplorable. In many cases, they perpetuate the spiral of debt which leaves generations in poverty and all the adverse effects that come with that, not least quality and length of life. We in this country have a moral obligation to do what we can to prevent, or at least limit this obnoxious practice."
Norman has signed EDM 618: Vulture Funds which outlines his support for the Private Member's Bill, Debt Relief (Developing Countries) Bill. The Bill seeks to limit the activities of vulture funds.
Norman added: "I am proud to have added my name to this EDM which outlines my support for the Debt Relief Bill, and to support the Jubilee Debt Campaign. I hope that the Bill gets the support of the Commons and so mark a big step in Britain taking a strong stance on this issue."
Jason Donovan has also added his support to the Jubilee Campaign and added: "Like most people I want to see an end to global poverty. I certainly support this campaign, which aims to reduce third world debt and make a real difference to the lives of some of the poorest people in the world."
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