Debtonation » Blog Archive » A wake-up call from Vultures .

Ann Pettifor in fine form:

In the international financial system, the Rule of Law seldom applies.

It is in this context that a wake of vultures (for that is the collective noun) hovers over weakened debtor nations as diverse as the Congo, Iceland, Greece and Portugal and operate in a context of weak international law.

They are international creditors, and their presence reminds us once again of the urgent need for governments to co-operate to devise international law to protect effectively insolvent sovereign nations from rapacious creditors. In just the same way that e.g. the US’s Chapter 11 protects insolvent companies from creditors.

Quite so, and she chillingly documents why.