Vulture funds
06 June 2007, 10:57 AM
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Vulture funds
Anyone see this on Newsnight last night?
Basically people "buy" a third World debt (of say £3m) and then sue for the "full amount" of many times that amount forcing that third World government to pay back many times what they owe.
It also appears that the US "Debt Advisory International" through which all debt relief funding from the World Bank has to pass is run by a bloke that is making a mint out of this racket.
Scandalous beyong belief.
(old links explaining the situation):
BBC NEWS | Programmes | Newsnight | 'Vulture funds' threat to developing world
BBC NEWS | Business | Zambia loses 'vulture fund' case
Basically people "buy" a third World debt (of say £3m) and then sue for the "full amount" of many times that amount forcing that third World government to pay back many times what they owe.
It also appears that the US "Debt Advisory International" through which all debt relief funding from the World Bank has to pass is run by a bloke that is making a mint out of this racket.
Scandalous beyong belief.
(old links explaining the situation):
BBC NEWS | Programmes | Newsnight | 'Vulture funds' threat to developing world
BBC NEWS | Business | Zambia loses 'vulture fund' case
Last edited by Matteeboy; 06 June 2007 at 11:08 AM.
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