SouthViews No. 111, 17 September 2014

Battle Hots Up to Curb ‘Vulture Funds’

By Martin Khor

Many countries are facing a worsening debt situation, and thus feel the urgency to curb ‘vulture funds’ and to set up a global debt restructuring mechanism. External debt is rearing its ugly head again. With the global economic slowdown, lower commodity prices and less tourism, many developing countries are facing reduced export earnings and foreign reserves. No country would like to have to seek the help of the International Monetary Fund to avoid default. That could lead to years of austerity, high unemployment, cuts in social development and at the end of it, still no light at the end of the tunnel.

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Battle Hots Up to Curb ‘Vulture Funds’