Photo by Christian Telegraph

British churches call for permanent strike against 'vultures'

Churches are pressing Britain's new coalition government to make permanent a law designed to stop "vulture funds" scavenging large profits from the debts of the world's poorest countries, reports Ecumenical News International.

The law which was agreed shortly before the previous Labour Party government was defeated in May's general election, will lapse within a year if not renewed by the British parliament.

The law is designed to prevent private companies, many based in tax havens, from buying defaulted debt from creditor companies and countries at knock-down prices and then using Britain's courts to sue debtor nations for full reimbursement.

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TAGS: United Kingdom new coalition government Labour Party full reimbursement defaulted debt

[07/05/2010]

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