Stop the debt vultures: The vultures are circling!
Posted by Web Editor on April 15th, 2007
Right now, a private company is trying to scavenge a huge profit from Zambia, one of the world’s poorest countries. Please take action to prevent this. In 1999, a “vulture fund” called Donegal International bought a debt owed by Zambia, originally worth $15 million and then valued at about $30 million, for a knock-down price of $3.3 million. Now, it has sued Zambia for the full amount, plus interest and costs — a staggering total of over $55 million! On February 15, 2007, a judge in London rejected the size of Donegal’s claim, after Zambia fought back in the courts. But he nevertheless ruled that under law Donegal is entitled to something from Zambia. The exact total is to be determined, but may be around $20 million. This would be half of the amount that Zambia is due to save this year from a debt relief program, but Zambia desperately needs all its money to invest in teachers, doctors and infrastructure. Donegal must not take this money! You can help! Jubilee Debt Campaign and Oxfam are calling on Donegal International not to claim this money. Please add your voice to our call. To do so, access: www.jubileedebtcampaign.org.uk/?lid=2893