EM traders cry foul over UK vulture fund bill

26 Feb 2010

Emerging Market investors this week slammed a debt relief bill due for its second reading in the UK Parliament today (February 26), which they say will kill investment in developing countries.

The Debt Relief (Developing Countries) Bill will impose mandatory haircuts on claims on the existing sovereign debt of Heavily Indebted Poor Countries which are brought to UK courts.

Proponents say it will combat the activities of vulture funds which buy deeply distressed debt and seek returns through aggressive ...

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