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Liberian Leader Urges MPs to Back Action Against Vulture Funds

Greg Palast 

An investigation for BBC’s Newsnight has uncovered allegations that speculators subverted the international debt relief process.

And Heather Stewart for The Guardian

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Ellen Johnson Sirleaf, the president of Liberia, is urging MPs to back a bill banning vulture funds from using British courts to prey on poor countries when it comes to a vote on Friday. Liberia lost a $20m (£13m) case in London last year against two so-called vultures. Such funds buy up the loans of poor governments, wait for them to win from the international community, and then use courts to pursue the countries for assets.

Sirleaf said: “We’ve been waiting for a parliament or an assembly to take this kind of hard decision. I hope the US Congress and maybe some others in Europe will pick up this gauntlet and will follow the example of Britain.”

An investigation for BBC’s Newsnight, to be broadcast tonight, has uncovered allegations that speculators subverted the international debt relief process for Liberia, in an attempt to gain more money from its government and international donors than 97% of its other creditors accepted.

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