Transparency goo-goos love vulture funds
Source: Blog by ‘Foreign Policy’
Date: 13 Dec 2007
Date: 13 Dec 2007
David Bosco recently argued in a provocative piece for FP that “vulture funds“—global investment funds that buy up mostly poor countries’ debt on the cheap and then sue the countries to earn it back with interest and penalties—perform a necessary function in the international financial system. Essentially collection agencies for states, they hold “corrupt and irresponsible regimes to account.” Some critics of vulture funds, however, counter that these funds actually end up harming the populations of poor countries. And rather than cleaning up corruption, they sometimes even benefit from it.
