Friday, June 8, 2007

Battle over ‘vulture funds’ Greg Palast

Battle over ‘vulture funds’ Greg Palast:

"We’re not talking about the feathered birds of prey, but predators with allies
in the White House and Swiss bank vaults full of untraceable currency. These
speculators buy up the debt of the poorest nations on the planet for pennies on
the dollar — then use legal extortion or less-than-legal bribery to extract
payments from these nations - payments equal to five, ten or twenty times what
the vultures “invested.”"


I don't understand this issue very well but I think that it should be shared. From what I understand the debt comes from some of the poorest countries, the debt is sold to what amounts to a large collection agency for pennies on the dollar. They take that and go to court against the country in England, forcing the country to pay back to total debt that is owed. With a ruling in their favor in England they cross they pond to New York. The debt relief movements are setting aside money to help countries to get out from under this debt. The companies go and take that money which should be used to help the people of the countries targeted, to pay off the debts pennies for.

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