Debt Relief

A coalition of 50 advocacy groups are calling on the U.S. Congress to stop the practices of Vulture Funds. The funds buy countries debt at pennies on the dollar but charge them huge interest on the purchases.

$1.2 billion dollars of Haiti’s debt was canceled yesterday by the World Bank and the International Monetary Fund. The two mega banks have an debt cancellation program, where a country can have their debts forgiven as long as they do mandated changes to the way the country operates.

Haiti had to do some audits, adopt new laws and change debt reporting.

Here in the states, President Obama requested money from Congress to give to the International Monetary Fund to the tune of 108 billion dollars.