Vulture funds: The rich keeping the third world in debt

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A fascinating broadcast was shown on BBCTV a couple day ago on vulture funds.  Vulture funds – as defined by the International Monetary Fund and Gordon Brown amongst others – 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.   In many cases as seen in the broadcast, this simply put keeps the third world from improving their economy and social standings.  It won’t be surprising that many of these companies that buy up the debt are not only located in places like Washington, D.C. and New York but that they have ties to the U.S. government.

Download the 15min video here

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