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International Monetary Fund Releases Plans to Stop Predatory Hedge Funds

The International Monetary Fund (IMF) released new proposals for preventing predatory hedge funds and hold-out investors from blocking debt restructurings. The paper proposes a series of reforms to debt contracts, including strengthened collective action clauses and a modification of the pari passu clause that hold-out hedge funds used to sue Argentina.

"In the wake of debt restructurings in Argentina and Greece, the IMF is incredibly concerned about vulture funds," stated Eric LeCompte, the Executive Director of the religious anti-poverty coalition, Jubilee USA Network. "The IMF is advocating a market approach, but we also need a statutory approach. We need to change both the contracts and the laws." 

The reforms would not apply to existing sovereign bonds. The IMF proposal states that there may be a need for action on those bonds as well if the precedent set in Argentina vs. NML begins to impact other countries. The paper comes on the heels of a similar August proposal by the International Capital Market Association to deter disruptive predatory and hold-out behavior. The primary difference between the two proposals is that the IMF paper does not promote establishing creditor committees to reach agreements in the event of disputes.

"It's important that the IMF acknowledges a market approach might not be enough. This suggested approach would need to be comprehensive and won't have an impact for decades," said LeCompte, who serves on United Nations expert groups that seek to tackle these problems.

 www.jubileeusa.org

 

 

 

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UN Votes for Process to Enact Bankruptcy Treaty and Stop Vulture Funds

 The UN General Assembly passed a historic resolution to begin treaty negotiations to enact a global bankruptcy process and stop predatory hedge funds. The resolution passed by a super-majority vote of 124-11 with 41 abstentions. The US voted no along with 10 other countries.

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UN Treaty Could Enact Global Bankruptcy Process and Stop Predatory Funds

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The UN General Assembly votes Tuesday on a convention that could enact a global bankruptcy process and stop predatory hedge funds. Bolivia proposed the resolution that if voted upon is expected to pass by a majority. 

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Miko Peled on “Israel and Gaza: Six Decades of Oppression and Resistance”

Israeli activist Miko Peled - mikopeled.com - speaks about his book, The General’s Son: Journey of an Israeli in Palestine, which is based on his life growing up in a well-known Zionist family. After following in his family’s footsteps and serving in the Israel Defense Forces, Peled withdrew during the 1982 Lebanese invasion and devoted his life to peace activism. "As an Israeli that was raised on the Zionist ideal of a Jewish state," he has written, "I know how hard it is for many Jews and Palestinians to let go of the dream of having a state that is exclusively ‘our own.’ For the good of both nations, the Separation Wall must come down and the Israeli control over the lives of Palestinians must be defied so that a secular democracy where all Israelis and Palestinian live as equals be established in our shared homeland." The event is sponsored by the Interfaith Community for Palestinian Rights - icpr-austin.org - and the UT Palestine Solidarity Committee. Facebook event is at facebook.com/events/850274415005667/ Location: Westminster Presbyterian Church, 3208 Exposition Blvd, Austin, 78703 Videography by Jeff Zavala, Joseph Caterine. Editing by Jeff Zavala Austin Indymedia Production. http://Austin.Indymedia.org

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