By Bodo Ellmers, Eurodad, and Antonio Gambini, CNCD-11.11.11 and Chair of the Eurodad board
In a landmark ruling on 31 May, the Belgian Constitutional Court upheld the country’s anti-vulture funds law, rejecting a legal challenge by a particularly notorious fund. NML Capital, an opaque vulture fund listed in the offshore financial centre of the Cayman Islands, had tried to shelve the Belgian law and intervene in democratic decision-making in Belgium. The ruling means the law remains in force, and agreements by the European Parliament and the United Nations imply that it is on the way to becoming an example for a worldwide solution to the challenges that vulture funds pose to the fair and speedy resolution of debt crises.
Landmark judgement at the Constitutional Court
On 31 May, the Belgian ...