Jane Mutanga is ill with the symptoms of AIDS and exhausted by hunger, often too ill to work to feed her orphaned nephew Obetty (11, left) and two children, Milimo, 4 and Mazuba. *While a lot of governments and people are trying to alleviate the problems of developing nations by finding ways to eliminate their debt, there are companies and businessmen lining their pockets with money which was meant to feed the poorest of the poor. Vulture funds as described by the IMF are "companies which buy up the debt of poor nations cheaply when it is about to be written off and then sue for the full value of the debt plus interest - which might be ten times what they paid for it."
The world is full of greed but vulture funds take the cake, whats surprising is that these businesses collect in rich countries by taking the poor nations to court, several cases have been lost by cash strapped governments and vulture funds have collected millions which were meant for housing, food, medicine and education. The UK & US governments whose courts entertain these cases, can put a stop to all this but vulture funds line up the pockets of politicians to continue doing what they are doing.
- British Virgin Islands-based Donegal International paid less than $4m for a debt the African nation owed, but successfully sued Zambia for a $42m repayment.
- Paul Singer bought Congo Brazzaville’s debt for $10 million and is suing for $400 million.
- In 1996, Singer bought discounted Peruvian debt for $11 million and sued for $58 million.
Donegal International is collecting its money from the Zambian government after winning its case in the UK. Calls for Bush to put a stop to Paul singer and his likes have put Mr. President between the devil and the deep blue sea, because Paul singer according to a BBC Newsnight Report is the largest "donor" to the Bush Campaign($1.7M) and has already pledged 15 Million for Rudy Guiliani's campaign.
* Picture taken from World Vision International
13 comments:
This is a fantastic piece of journalism, I am very impressed!
I was not aware of this and in my line of work and studies this is very useful, thank you!
Thank you Shaykhspeara, I was browsing through some investment news and saw some articles on BBC, figured its worth writing about. I'm glad this is useful for you.
Thank you so much for sharing this piece.
Next time you visit my blog, the my watercolor painting of the african woman and child in my banner, were just such people, but then helped to have a decent life by organizations like World Vision and others.
It is hard to stay optimistic in the face of such power and oppression. And my country is apparently complicit.
Hi wanda, its sad to see people suffer but its also encouraging to see that there are millions of people out there helping in their own way and fighting the oppresion.
Annie, When you see the opposit, when you see people give their time and effort voluntarily to go to these places and serve food early morning and build houses with own hands you can stay optimistic. And a lot of countries are complicit, including the ones being effected. For example the Zambian prime minister gave information to the vulture fund which helped them get their money, for that information his favourite charity was "donated" 2 Million Dollars.
The world is an unfair place!
Radha surely the world is an unfair place, when we notice these things and think about them then only can we start to make a difference.
It's true, the world really is filled with greed. There's no value for human life whatsoever. It's just really sad. Sometimes I wonder, if this is happening today, in our day and age what will the world be like in 20 or 30 years from now? Scary, I bet.
Okay, I guess now it's my turn to ask...hope all is well? Oh come on, let's have a new post !! :D (kidding) I know, I know I'm being cheeky...lol!
Lol enyur, look whos talking about a new post, someone who doesnt post for ages, just kidding, I'v been quite busy and should post soon.
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