Sunday, July 19, 2009

End Vulture Culture Now

Picture shows Liberal Democrat Leader, Nick Clegg pledging his support to the Jubilee Debt Campaign to "End Vulture Culture", whilst attending the Glastonbury Festival earlier this month.

One of the shadier aspects of international finance has been the role of companies known as ‘vulture funds’. Vulture fund is a name given to a private company that seeks to scavenge profit from some of the world's poorest and heavily indebted countries by buying up ‘bad’ debt 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 a few wealthy investors, not spent on much needed health and education.

So far 155 MPs (including 43 Liberal Democrats) have signed the all-party Early Day Motion (EDM 1440)in the name of Sally Keeble MP.

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Photograph from Jubilee Debt Campaign with thanks.

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