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You can find the current article at its original source at http://www.guardian.co.uk/world/2012/nov/28/publicly-auditing-debts-owed-uk
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| Publicly auditing debts owed to the UK | Publicly auditing debts owed to the UK |
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| It seems outrageous that powerful, ruthless "vulture funds" can threaten action which may result in "an end to Argentina's recovery" and a fresh round of turmoil in the global financial market (Comment, 26 November). Another aspect is the legitimacy of debt incurred by regimes that are not democratically elected. If an individual borrows vast sums of money and spends it on the high life and doesn't repay it in their lifetime, it is right that creditors can use the law to go after all the funds and assets of the estate. It would not be right if they could use the law to go after the children and grandchildren of the debtor, forcing them to live in penury to pay back money they did not borrow nor benefit from. It seems the same logic applies when vast sums are borrowed by a corrupt dictator and the citizens of the country are forced to pay back the debt. Brendan O Brien London | It seems outrageous that powerful, ruthless "vulture funds" can threaten action which may result in "an end to Argentina's recovery" and a fresh round of turmoil in the global financial market (Comment, 26 November). Another aspect is the legitimacy of debt incurred by regimes that are not democratically elected. If an individual borrows vast sums of money and spends it on the high life and doesn't repay it in their lifetime, it is right that creditors can use the law to go after all the funds and assets of the estate. It would not be right if they could use the law to go after the children and grandchildren of the debtor, forcing them to live in penury to pay back money they did not borrow nor benefit from. It seems the same logic applies when vast sums are borrowed by a corrupt dictator and the citizens of the country are forced to pay back the debt. Brendan O Brien London |
| • At the start of November, Vince Cable's UK Export Finance for the first time revealed information on the origin of developing world debts owed to the UK. This showed, for example, that three-quarters of Indonesia's debt to the UK comes from government loans to then dictator Suharto for military equipment. A quarter of Egypt's debt comes from loans for Mubarak and his predecessor to buy arms. In 2010 the Lib Dem conference adopted a policy to "conduct our own audit of all existing UK government and commercial debts, ruling invalid any past lending that was recklessly given to dictators known not to be committed to spend the loans on development". | • At the start of November, Vince Cable's UK Export Finance for the first time revealed information on the origin of developing world debts owed to the UK. This showed, for example, that three-quarters of Indonesia's debt to the UK comes from government loans to then dictator Suharto for military equipment. A quarter of Egypt's debt comes from loans for Mubarak and his predecessor to buy arms. In 2010 the Lib Dem conference adopted a policy to "conduct our own audit of all existing UK government and commercial debts, ruling invalid any past lending that was recklessly given to dictators known not to be committed to spend the loans on development". |
| The Norwegian government recently announced an audit into the debts owed to it. We hope the UK government will follow this example and publicly audit all the debts owed by countries such as Egypt, Indonesia and Iraq. This implementation of Lib Dem policy would help right past wrongs, and assist in making UK lending more responsible in the future. John Leech MP, Stephen Williams MP, Mark Williams MP, Chris Rennard House of Lords, Roger Roberts House of Lords | The Norwegian government recently announced an audit into the debts owed to it. We hope the UK government will follow this example and publicly audit all the debts owed by countries such as Egypt, Indonesia and Iraq. This implementation of Lib Dem policy would help right past wrongs, and assist in making UK lending more responsible in the future. John Leech MP, Stephen Williams MP, Mark Williams MP, Chris Rennard House of Lords, Roger Roberts House of Lords |
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