DRC: Vulture funds preying on world's poorest countries

Britain is being urged to help close down a legal loophole that lets financiers known as 'vulture funds' use courts in Jersey to claim hundreds of millions of pounds from the world's poorest countries. The call came from international poverty campaigners as one of the vulture funds was poised to be awarded a $100m (£62m) debt payout against the Democratic Republic of the Congo after taking action in the Jersey courts. Vulture funds legally buy up worthless debt when countries are at war or suffering from a natural disaster and defaulting on their sovereign debt. Once the country has begun to stabilise, vulture funds cash in their cheap debt deeds, at massively inflated cost to the countries.