Vulture Funds

I have today received this from a friend:

"I don't know how much you know about Vulture Funds, but they are a way for unscrupulous people to make huge amounts of money out of the Highly Indebted Poor Countries.

What happens is that a hedge funds or private individuals (if wealthy enough!) buy up a large chunk of the country's debt (to a bank) at a heavily discounted rate and then sue the country for the whole sum + court fees - which can only be paid by using the HIPC debt relief... At least 54 companies, many based in tax havens, are known to have taken legal action against 12 of the world's poorest countries in recent years, for claims amounting to $1.5 billion.

This means money released by debt relief is going into the pockets of wealthy investors, not spent on health and education.

This has been made illegal in this country, but continues in the Channel Islands.

If, like me, you think think this should stop (and have not already signed a petition to this effect), please click on this link to One International"

More can be found about this at End the Vulture Culture Campaign

I hope that this provides some information and encourages you to make a stand against exploitation of the world's poorest people.

Pax