Pleeze watch these videos. Greg Palast BBC VULTURE FUNDS! [View All]

[Joanne98]

This was a hot topic at the G8 meeting. The Poor nations that got their debt relieve are now getting eaten alive by vultures...

Part One
http://www.youtube.com/watch?v=Qbxj8azQb80&feature=PlayList&p=FC37F4B5EC10D27C&index=0

Part Two
http://www.youtube.com/watch?v=d7-w7b4Bq6I&feature=PlayList&p=FC37F4B5EC10D27C&index=1

OF ALL THE DIRTY ROTTEN THINGS BUSH HAS DONE THIS TOPS EVERYTHING!

Sign the petition...
http://www.jubileedebtcampaign.org.uk/?lid=2895
Tell the G8 to act against the vultures

A company has just won over $15 million from Zambia, in payment of a debt it bought up for just over 3 million. The G8 must do their part to prevent this kind of predatory action in future.

'Vulture fund' companies are swooping in to buy poor countries' debt at hugely discounted prices, and then suing for the full amount plus interest and punitive damages. It's completely legal, and it's happening right now!

What's needed is a just and comprehensive debt relief system, which takes account of the origins of debts as well as their current impact, and which places the same moral and legal obligations on companies as it does on governments.

Please tell the UK government that you want to see the 'G8' countries signal their support for such a system at their summit in Germany in June. Each of them should also put in place rules to prevent individual companies from targeting countries that have qualified for debt relief. And in the meantime, they should agree to fund legal assistance for countries that are targeted.


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http://www.jubileedebtcampaign.org.uk/?lid=2895

http://blogs.wsj.com/washwire/2007/05/16/%E2%80%98vulture-investors%E2%80%99-worry-g8-economic-officials/
May 16, 2007, 4:00 pm
‘Vulture Investors’ Worry G8 Economic Officials
Michael M. Phillips reports on a hot topic for the G8.

Top economic officials from the Group of Eight big world powers are troubled by so-called vulture investors, who buy up distressed government bonds in developing countries — then take the issuers to court to recoup their money.

G8 finance ministers are expected to take up the question on the sidelines of a meeting near Potsdam, Germany, this week, according to Clay Lowery, Treasury’s acting undersecretary for international affairs. The vulture funds buy up bad government debt at a heavy discount, with the intention of suing the borrower in U.S. or U.K. courts to recover a greater amount.

U.K. Chancellor of the Exchequer Gordon Brown — soon to ascend to prime minister — has called on the G8 to set a code of conduct that would protect developing nations from vulture funds. The African Development Bank should help finance legal defense for the debtors, he said.

“I deplore the activities of so-called vulture funds that seek to profit from debts owed by the poorest countries in the world,” Brown said last week. “I am determined to limit the damage done by such funds.”

What most irks some G8 officials is that the vulture investors can win millions from countries that had recently received 100% debt write-downs from the World Bank or International Monetary Fund. A vulture fund recently won a $15 million judgment against Zambia for debt purchased for $3.28 million, according to Jubilee USA Network, a debt activist group. The vulture fund’s payoff represents one-third of the savings Zambia is expected to receive this year from international debt relief, the group said.

“Is it responsible for those creditors to be rewarded?” asked Lowery.
http://blogs.wsj.com/washwire/2007/05/16/%E2%80%98vulture-investors%E2%80%99-worry-g8-economic-officials/



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