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Friday, 26 February 2010

Jubilee Debt Campaign: Vulture Culture

Bankers are not alone in profiting on other people’s misery.

Vulture funds seek to profiteer by buying up the debts of heavily indebted poor countries at a cheap price, then trying to recover the full amount, often by suing through the courts. 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. [Jubilee Debt Campaign]

Today the Vultures Bill passed its second reading, but the Tories slowed its progress. If you are not aware of the Jubilee Debt Campaign please check it out. It is worthy of support.

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