Blog the Debt

Renewing Our Call to Jubilee

In March, Eric LeCompte, Jubilee's Executive Director, traveled to Eastern Mennonite University to speak about steps towards renewing our call to the Jubilee.  He informed the students on our work to end the international debt crisis by working towards equity between local and global communities, cancelling unjust debt and creating mechanisms and guidelines to cultivate right relationships. 

Students learned about our current efforts to enact transformed lending practices, tax justice and an implementation of an international bankruptcy court that could pave the way towards the eradication of poverty. Listen to Eric's speech.

If you're interested in hosting Eric at your university, community or congregation please contact us at coord@jubileeusa.org.

The United States: A Tax Haven?

Jubilee has been campaigning to curb tax havens that take money from the poor and support  corruption across the world. New Rules for Global Finance, a member of Jubilee USA’s Network Council and led by one of Jubilee USA’s founders, Jo Marie Griesgraber, hosted an event “The US: A Tax Haven?” While the idea of a tax haven may elicit images of tropical islands with lax tax laws, the New Rule’s event shed light on the fact that a number of the worst tax havens are here in the United States.    

Lifting Up Voices from the Front Lines: Zimbabwe Counterparts Travel the United States, Lobby Congress and the US Administration

Our global partners from the Zimbabwe Coalition on Debt and Development (ZIMCODD) arrived in the US in April for the End the Debt Crisis speaking tour.  Jubilee Chapters in Oregon and Massachusetts hosted Hopewell Gumbo and Kelvin Hazanwgi at universities, churches and homes to make deeper connections and inform our communities about the intersections of debt, alternative development and human rights in Zimbabwe.  

Archbishop Silvano: Vatican UN Human Rights Council Statement On Debt and Lending

In June, the Vatican’s Geneva Ambassador and Apostolic Nuncio to the United Nations, Archbishop Silvano Tomasi, delivered a speech on the Guiding Principles on Foreign Debt and Human Rights. Eric LeCompte was a part of the UN expert group that developed these principles. For more than a year, Jubilee USA Network has forged a special relationship with the Archbishop on working on international financial reforms, responsible lending and borrowing and human rights. The work of Archbishop Tomasi and his staff have been vital for passing the Doha Mandate and looking at economic issues through a human rights lens.

Recap: Jubilee at the G8 and G20

The G8 and G20 summits are a time where the world's leading economies get together and talk about policy that affects the world.

Four days before the G8 Summit at Camp David, Jubilee USA’s Executive Director Eric LeCompte met with the US’ G8/G20 Sherpa and Deputy National Security Advisor Michael Froman and Special Assistant to the President and Senior Director of the National Security Council Gayle Smith at the White House. Eric delivered a letter addressed to Mr. Froman calling for the G8 to support the creation of a fair and transparent debt workout mechanism. The letter reiterated the message of Jubilee’s launched petition that was signed by more than 8,000 economists, religious leaders and Jubilee members to President Obama and President Felipe Calder, as Chairs of the G8 and G20.

Today, at the United Nations...

Today, for the first time, the United Nations General Assembly is convening a special session for all UN countries on our concept of an international bankruptcy process.

In the afternoon, Jubilee USA's Executive Director, Eric LeCompte will be speaking along with the Deputy Secretary-General of the Paris Club on the global economic economy.

Download the agenda: Expert Group Meeting on Sovereign Debt Crises and Restructurings.

Jubilee USA Network Event: Human Rights and The International Financial Crisis

A presentation and conversation on The United Nations Guiding Principles on Foreign Debt and Human Rights

Featuring:

Dr. Cephas Lumina

UN Independent Expert on Foreign Debt and Human Rights

 

Responses from Maria Lucia Fattorelli, Latin American Coalition on

Debt and Development, and Gina Ekholt (invited), The Norwegian

Coalition on Debt Cancellation

Introduction from Eric LeCompte, Jubilee USA Network

 

Monday, October 29th, 2012 1:30 - 3:00 PM

Church Hall, Lutheran Church of the Reformation

212 East Capitol St. NE, Washington, DC 20003

 

Join Jubilee USA Network in welcoming Dr. Cephas Lumina, UN Independent Expert on Foreign Debt and Human Rights. Jubilee USA Network has served on Dr. Lumina’s expert working group to develop principles and solutions to the international debt crisis in the context of human rights.

Dr. Lumina will be presenting an overview of the UN Guiding Principles, followed by a discussion around implementation of the Principles and a question and answer session. Dr Lumina is an Advocate of the High Court for Zambia and an Extra-Ordinary Professor of Human Rights Law at the University of Pretoria. He was appointed the United Nations Independent Expert on the effects of foreign debt and other related international financial obligations of States on the full enjoyment of all human rights, particularly economic, social and cultural rights and his mandate has been extended through 2014.

Please RSVP to Amber Przybysz by Friday, October 26th at amber@jubileeusa.org.

Anti-Vulture Fund Legislation Introduced in Jersey as One Vulture Swoops in on Argentina

By: Amber Przybysz

Legislation has been proposed in Jersey to stop vulture funds, hedge funds that buy up defaulted debt cheaply to then sue the country for at least the full value of the debt, from pursuing payments on illegitimate debts in Jersey courts. The Draft Debt Relief (Developing Countries) (Jersey) Law 201 was lodged on October 1, 2012, and illustrates Jersey’s commitment to international debt relief measures.[i] To date, the UK is the only country to enact such legislation. Enactment of this law in Jersey would be a huge step in the right direction; as you may recall, Jersey courts have been used in the past by vulture funds. Like in an unexpected decision this summer, Jersey courts ruled in favor of the Democratic Republic of the Congo when vulture fund FG Hemisphere attempted to sue a DRC-owned mining company for $100 million on an originally $3 million debt.[ii]

IMF and World Bank Annual Meeting in Tokyo

By: Gianna Rendano

This past week, Jubilee USA’s Executive Director Eric LeCompte attended the World Bank and International Monetary Fund’s 2012 meetings in Tokyo, Japan.  This annual meeting focuses on different economic global issues that include the issues of poverty, debt, aid effectiveness, the European debt crisis and also economic development and growth. Jubilee USA Network moderated, co-organized and spoke at six different events with our global partners on winning a real Jubilee.

Jubilee Weekend: Communities Coming Together Under One Banner

By: Gianna Rendano

This past weekend, around the globe and in more than 75 cities in the United States, tens of thousands of people prayed and acted for Jubilee. Jubilee USA Network hosted our annual Jubilee Weekend in partnership with the Week of Global Action against Debt with our worldwide Jubilee partners.  Together, we came together to pray, worship and act in one global voice to further the participation of the most vulnerable in the international financial system. Jubilee USA Network had participants from coast-to-coast—from California to New York and everywhere in between. We also had communities participating in Canada, the Netherlands, Pakistan, Nigeria and Costa Rica.