No-Fly Zone for Vultures at T in the Park!

SCIAF will be swooping into T in the Park this weekend to campaign against corporate “Vulture Funds” – multinational companies who buy up developing countries’ debts with the sole intention to profit by suing them for many times the original price paid.

Operating out of their nest in the charity area SCIAF campaigners wearing vulture masks want party-goers to do their bit and sign a petition to force the UK government to help outlaw the morally bankrupt practice.

SCIAF Campaigns Assistant, Lexi Barnett, said:

“Vulture Funds are the lowest-of-the-low and risk damaging the prospects for better healthcare and education of some of the poorest countries in the world. It completely undermines the huge amount of good work being done to make poverty history. We want festival-goers help us pressure the government to change the law and make Vulture Funds illegal.”

In Zambia the vulture fund Donegal International is demanding five times the

price of the country’s original debt which it bought from Romania. At the same time 68% of people in the country live on less than a dollar a day, life expectancy is 37 years, and one in three children are unable to attend school. As this disgraceful corporate practice is not yet illegal, Zambia is now being forced to pay £7million to a private company for no benefit.

The SCIAF tent will also be offering a number of activities linked to the campaign including a limbo competition for revellers to see “How low can you go?” and giant banners for party-people to write up their reactions to Vulture Funds by completing the sentence “Vulture funds are as nasty as…”. These responses will be sent to the Chief Executive of Vulture Fund Donegal International.

Lexi Barnett continued:

“When people hear about Vulture Funds they are universally horrified and can’t believe it is legal for corporations to rip poor countries off in this way. We’re hoping that T in the Park revellers will take part in the limbo challenge and enjoy the fun side of the campaign, but we also want people to add their names to the petition and tell our government that changes are needed to outlaw this morally bankrupt corporate behaviour. With enough pressure, we can stop vulture funds profiting from poverty.”

Interviews with Lexi Barnett are available upon request.

July 6th 2007