A landmark move to protect the world's poorest countries from debt sharks was blocked yesterday by a single Conservative MP during extraordinary scenes in the House of Commons.
"Vulture fund" investment companies buy up defaulted third world debt and sue for immediate repayment. The Debt Relief (Developing Countries) Bill was designed to curb their activities, ensuring that creditors cannot pursue debt repayment beyond the level assessed as fair and sustainable by the World Bank. Liberia lost a £20m lawsuit against two vulture funds in a London court late last year.
Because of the lack of time before the general election, the Bill's only chance of making it on to the statute book was if there were no protests in the Commons. But to the fury of Labour MPs, one lone voice piped up: "Object!" Three Conservatives were in the chamber – Christopher Chope, Andrew Robathan and Simon Burns – but it was not clear at the time who had intervened.
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