Vulture Funds and Their Impact on Human Rights

ADVISORY COMMITTEE
14th session
23-27 February 2015

[Excerpt of the declaration]

The phenomenon of vulture funds is inseparable from the debt of States and affects most countries. The CETIM and the CADTM therefore welcome the mandate that the Human Rights Council has given to the Advisory Committee on the impact of vulture funds’ activities on human rights, and we offer the Committee our support in fulfilling its mandate.

First, it is useful to explain briefly what “vulture funds” are. Also known as litigating creditors, “vulture funds” are investment funds that purchase, at rock-bottom prices, debt from states, and then take legal action to force those states to pay the full original face value (the initial amount of the claim) at the time of issuance, plus accrued interest.

Read CETIM’s oral statement