Liberian President Urges US to Take Action Against Financial Speculators

A BBC World News America investigation has uncovered allegations that financial speculators have subverted the international debt relief process for Liberia in an attempt to gain millions of dollars from its government.  The report airs on  BBC World News America at 7:00 ET/PT on BBC America and BBC World News.

Evidence revealed in the report led the British Parliament to pass legislation last Friday that would prevent such speculators, known as “vultures”, from pursuing court actions against any of the 40 countries that have qualified as heavily indebted poor countries.

Liberian President Ellen Johnson Sirleaf, speaking to BBC World News America, lauded the new legislation: "We've been waiting for a parliament or an assembly to take this kind of hard decision…I hope the U.S. Congress and maybe some others in Europe will pick up this gauntlet and will follow the example of Britain and move that - because it's just so unfair to poor countries."

The report explains how over the last five years Nelson Mandela led a successful campaign to encourage rich countries to write off debts of poorer nations.  But just as Liberia's debts were about to be paid off by Europe and America, the finance speculators bought up the loans at deeply discounted rates and waited for them to be granted debt relief by the international community.  The speculators would then use U.S. and UK courts to pursue the countries for their assets.

The report airs on BBC America’s BBC World News America at 7:00 p.m. ET/PT.  It will air around the globe on BBC World News.