State urged to stop ‘vulture funds’ from undermining debt cancellation

DEBT and Development Coalition Ireland yesterday called on the Irish Government to take steps to stop “vulture funds” from undermining debt cancellation by pursuing debts from poor countries.

Co-ordinator of Debt and Development Coalition Ireland Nessa Ní Chasaide said the latest hearing occurred yesterday of a court case instigated by an international debt collection agency aiming to claim millions of euro from the Zambian government.

“The case is set to damage further the chances of one of the most impoverished countries in the world to escape poverty. What’s more, if paid, it will simply reward the profiteering opportunism of commercial debt collectors. But more importantly it highlights the continuing need for a just settlement to the international debt crisis,” she said.