Drop the Debt
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Week of Global Action Against Debt: Hope for Africa and the Jubilee Act |
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News
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Wednesday, 24 October 2007 |
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On October 14-21, 2007, thousands of activists and debt
campaigners from at least 297 national organizations and 24 regional &
international formations in 60 countries across the world participated in the
Week of Global Action against Debt and the International Financial Institutions
(IFIs).This Week of Global Action coincides with the World Food Day on October
16, the UN International Day for Eradication of Poverty October 17, and the
Annual Ministerial Meeting of the International Monetary Fund and World Bank in
Washington, DC, from October 20-22, 2007.
The participating organizations of this week-long
global activity insist that despite all the promises made by lending governments
and international financial institutions, the debt problem continues to rob the
peoples of Africa and other developing countries of their human rights to
health, education, housing, water and other essential services.
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Vultures Still Circling Zambia |
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News
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Friday, 24 August 2007 |
 Zambia was just beginning to benefit from the debt cancellation
initiatives of rich countries and multilateral financial institutions
[such as the IMF]. Then Donegal International, a commercial debt
collector headed by Michael Sheehan and registered in the U.S. but
nominally based in the British Virgin Islands, sued Zambia for $55
million in a London court; Donegal had bought the loan from Romania in
1999 for only $3.3 million. By the time of the litigation in 2005,
Zambia had already paid Donegal a total of $14 million.
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Vultures Descend on Zambia |
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News
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Monday, 07 May 2007 |
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In a shameful case before the UK courts last month, Donegal International, a Washington-based "vulture fund," was awarded 15.4 million dollars from the government of Zambia. Zambia was set to receive 40 million dollars in debt relief this year, money that was tagged for health, education and other needs of the impoverished population. However, now they will have to pay nearly half of that amount to wealthy investors in America and other places.
Vulture funds, according to TransAFrica, are "companies that buy defaulted (often discounted) debt of highly -indebted poor nations. Many of these funds sue for repayment via litigation- suing for the full value of the debt plus interest to garner much higher payback." AFJN deplores...
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