Rethinking Bretton Woods | Tue, Apr 7, 2015
Recent vulture fund litigation against Argentina has shed new light on the operations of commercial firms that as a systematic strategy prey on sovereign debtors to exact full debt payments other creditors agreed to forgive. Last February an advisory body to the Human Rights Council met to discuss human rights impacts of such companies’ actions and possible remedies.
“The debt relief we had campaigned for was not for paying 100 per cent of the claims of creditors not willing to provide their share of debt relief, but to allow necessary social investments to happen in [the debtor] countries,“ said RBW Project Director Aldo Caliari speaking of the successive debt cancellation rounds achieved by the worldwide Jubilee movement. Center of Concern co-founded Jubilee USA Network, of whose Board Mr. Caliari is currently co-chair.