Zambia loses 'vulture fund' case (BBC)

[Eugene]

Last Updated: Thursday, 15 February 2007, 18:38 GMT

Zambia loses 'vulture fund' case

A High Court judge has ruled that Zambia must pay a substantial sum
to a so-called "vulture fund".

British Virgin Islands-based Donegal International paid less than $4m
(£2m) for a debt the African nation owed, but sued Zambia for a $42m
repayment.

-snip-

Concerns

Vulture funds - as defined by the International Monetary Fund and UK
Chancellor Gordon Brown among others - are companies which buy up
the debt of poor nations cheaply when it is about to be written off,
then sue for the full value of the debt plus interest.

There are concerns that such funds are wiping out the benefits which
international debt relief was supposed to bring to poor countries.

-snip-

Full article: http://news.bbc.co.uk/2/hi/business/6365433.stm

[Redstone]

1. Christ, it sounds like "vultures" is the PERFECT way to describe those parasitic bastards.

Redstone