IMF warns of vulture funds undermining debt relief

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The IMF warned last month that ‘legal action worth almost £1bn by “vulture funds” against some of the world’s poorest countries poses a threat to the debt cancellation deal agreed by the G8 at Gleneagles in 2005’. A report by IMF staff found that 11 out of 24 poor countries approached said that they were involved in litigation, worth a total of $1.8 bn with 46 creditors.

Read the Guardian’s report here.

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