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The UN Rapporteur on Human Rights and Foreign Debt, Cephas Lumina, welcomed the adoption in the UK of a law prohibiting the practice of so-called "vulture funds."
The "vulture funds" come from private entities that acquire the debts of developing countries at a very low price, forcing then through the courts, to repay more money to the creditors. A typical case was the ruling of the Supreme British court in February 2007 which led Zambia to pay $ 15 million for the signature Donegal International, which had bought a debt to the African country with Romania , about 3 million dollars.
"For the first time a country expressly prohibits that kind of usury "Lumina said commenting on the Law for Debt Relief in developing countries, adopted on April 8." I congratulate the United Kingdom for taken this essential step to end the speculation at the expense of citizens of the troubled debtor countries, "said the expert.
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