Vulture Funds Preying on African Debt Video
Politics / Global Debt Crisis Mar 04, 2010 - 07:26 AM GMTBy: Submissions
In Britain, lawmakers have voted in favor of a bill to restrict so-called vulture funds—that is, financiers that buy up poor country debts cheaply and then sue for massive profits. The Debt Relief Bill would pave the way for banning private investors from pursuing the world’s poorest countries for debts in British courts.
Over the last five years the British, the United States, the countries have written off billions of dollars in loans to the world’s poorest countries. But a group of vulture funds have been trying to divert that money into their own pockets.
Investigative journalist Greg Palast traveled to the West African country of Liberia to investigate how vulture funds have been operating there and why Liberia lost a $20 million case against two vulture funds in a British court. He filed this report for the BBC.
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