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Jubilee USA Network *
Africa Action * American Friends Service Committee * 50 Years is Enough
Network * TransAfrica Forum *
Action Alert - Tuesday,
February 20, 2007
Call-In Today: Stop the
Debt Vultures!
Call on Donegal
International to Stop Taking Millions from Zambia’s Debt Relief
The vultures are circling!
Right now, a private company is trying to scavenge a huge profit from
Zambia, one of the world's poorest countries which has just benefited
from debt relief. Please take action to prevent this.
** On Tuesday, February 20,
call Debt Advisory International (DAI)’s Washington, DC office at
202-463-2188 and tell Michael Sheehan, the owner of DAI and Donegal
International, not to take up to $20 million from Zambia! **
In 1999, a
'vulture fund' called
Donegal International bought a debt owed by Zambia, originally worth
$15 million and then valued at about $30 million, for a knock-down price
of $3.3 million. Now it has sued Zambia for the full amount, plus
interest and costs – a staggering total of over $55 million! On 15th
February 2007, a London court rejected the size of Donegal's claim, but
said that under law it is still entitled to something from Zambia.
The exact total is to be
determined, but may be as much as $20 million. This would be half of
the amount that Zambia is due to save from debt relief this year: but it
desperately needs all its money to invest in teachers, doctors and
infrastructure. Donegal must not take this money, and you can help.
This story was first aired
publicly last week by Greg Palast on BBC’s Newsnight and on Democracy
Now! with Amy Goodman. You can watch the news stories which gives more
details at
http://jubileeusa.typepad.com/. Then, take action!
** On Tuesday, February 20,
Call Debt Advisory International (DAI)’s Washington, DC office at
202-463-2188 and tell Michael Sheehan, the owner of DAI and Donegal
International, not to take up to $20 million from Zambia! **
When you call, say:
“My name is X and I am calling
from City, State, Country.
I am calling to urge Michael
Sheehan to do the right thing: don't take money from Zambia.
I am angry that Donegal
International is making money from one of the poorest countries in the
world. I urge you not to take this money from Zambia. Donegal bought
this debt cheaply when Zambia was already eligible for debt relief. It
is now seeking to extract money from a country that has recently
received life-saving debt cancellation.
I urge you not to demand this
money. Zambia cannot afford to be paying out millions of dollars.”
For more information on this
case:
Blog the Debt:
http://jubileeusa.typepad.com/ (includes links to stories on BBC and
Democracy Now!)
Jubilee Debt Campaign UK:
http://www.jubileedebtcampaign.org.uk/?lid=2893
Oxfam Great Britain:
http://www.oxfam.org.uk/what_you_can_do/campaign/he/donegal/vulture_fund.htm
For more information, see
www.jubileeusa.org or call 202-546-4470
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