Vulture Fund Threat to Third World
Greg Palast reports on Vultures for BBC Newsnight — Watch the Report
By Meirion Jones
February 14, 2007 — On Thursday 15 February a high court judge in London will rule whether a vulture fund can extract more than $40m from Zambia for a debt which it bought for less than $4m.
There are concerns that such funds are wiping out the benefits which international debt relief was supposed to bring to poor countries.
Martin Kalunga-Banda, Zambian presidential adviser and a consultant to Oxfam told Newsnight, “That $40m is equal to the value of all the debt relief we received last year.”