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Debt Relief (Developing Countries) Bill

I cited the Banking Act as an example of a situation in which exceptional circumstances and compelling reasons—in that case, the need to ensure financial stability—allow contract law to be interfered with. In general, however, the presumption has always been in favour of the sanctity of contractual law. We are not tearing up contract law by supporting this Bill; far from it. We are ensuring that there will be fair treatment for all creditors when some of the debts of a HIPC country are being pursued by a small minority of unscrupulous creditors.