US to outlaw vulture funds

| 21/06/2009

(Guardian): The US Congress has begun moves to outlaw so-called "vulture funds", which buy up the sovereign debt of poor countries at a knock-down price and then go to court to enforce full payment. A Democrat congresswoman, Maxine Waters, has introduced the Stop Vulture Funds Act, designed to protect impoverished countries from lawsuits by vulture funds. Most vulture funds are based either in the US or offshore centres such as the Cayman Islands. "Over the past year, we have seen how the actions of asmall number of unscrupulous and exploitative investors can hurt innocent people and cause economic chaos” said Waters.


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