Tuesday, February 20, 2007

Action Alert:: Stop the Debt Vultures

Call on Donegal International:
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 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 Zambia is due to save from debt relief this year: but it desperately requires all its money to invest in essential social services and infrastructure development. 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!

Every seventh year we will forgo working the land and will cancel all debts. (Nehemiah 10:31)

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