Campaigners have welcomed a move to protect debt relief and tackle what they say is one of the most repellent aspects of the financial system

Labour MP Sally Keeble will today lead a group of 12 cross-party MPs in seeking to outlaw the activities of so-called 'Vulture Funds'.

Jubilee Debt Campaign has expressed 'disappointment' that world 'leaders have not understood the systemic nature of the economic crisis or the need for radical change to address it'.

A new report from the World Bank and International Monetary Fund has revealed that ‘vulture funds’ and other commercial creditors are chasing a staggering $1.8 billion from some of the world’s poorest countries - after they have had debts cancelled by rich countries.

On the opening day of the G8 summit, leading international debt cancellation advocacy groups declared that the deal leaders negotiated 2 years ago has not solved the debt crisis. They also issued a strong call to the G8 to stop the activities of 'vulture funds'.

Aid to developing countries has increased dramatically over the last few years – but it is less well known that developing countries often haemorrhage as much money as they receive in aid, or more, says a leading UK churches' development agency - highlighting the problem of so-called 'vulture funds'.