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Vol 50 No 19

Published 25th September 2009


Which vulture flies?

President Sassou spends millions of his country’s money on trying to stop vulture funds preying on bad debtors – like Congo

President Denis Sassou-Nguesso has spent nearly US$6 million on lawyers and lobbyists in the United States in the past three years. He wants Congress to pass legislation against 'vulture funds'. These are firms which buy up the bad debt of poor countries at a massive discount, then pursue them through the courts for the original amount, plus penalty payments and compound interest.

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