Blog the Debt

Jubilee USA's leadership meets with Senior NSC Director Gayle Smith at the White House

This past Thursday, Jubilee USA's leadership went to the White House to meet with Gayle Smith, Senior Director of the National Security Council and President Obama's Special Assistant. They moved forward specific recommendations to build an international economy that serves, protects and promotes the participation of the most vulnerable.

Jubilee Tidings of Peace and Joy

On behalf of Jubilee's staff, board and leadership, we wish you every blessing this season offers and yearn for the peace our tradition's promise. 

Isle of Man Enacts Legislation to Outlaw Vulture Funds

Today, the government of the Isle of Man released the following on the enactment of legislation to outlaw vulture funds.  Jubilee USA Network's Executive Director, Eric LeCompte is quoted.

Act Now For a Solution to the Fiscal Cliff: Corporations Can Pay Taxes

One of the solutions Jubilee USA is pushing to avoid falling off the "fiscal cliff" is to ask corporations to pay their fair share of taxes - instead of hiding hundreds of billions of dollars just offshore. If the money hidden in tax havens is taxed fairly we can strengthen international development, education and healthcare. When we challenge corporations dodging taxes here, we are sending a message around the globe to confront the kind of corporate behavior that steals resources from the world's poorest countries.

Take action and urge your Senators and Representative to close offshore tax loopholes so that large corporations begin paying their fair share!

Court Ruling Gives Argentina More Time to Fight Vultures

By: Andrew Hanauer

The “Debt Case of the Century” took a surprisingly positive turn this past week when a U.S. Court of Appeals ruled that Argentina has more time to appeal a ruling against it in its battle with vulture fund creditors.  Argentina had faced a December 15 deadline to make a terrible choice: pay the vulture funds that are holding the country hostage or default on all of its creditors.  For now, at least, that choice will not need to be made. 

Jubilee Hosts Expert Panel on Lost Revenue of Global South

By: Kerri Peters

At our annual Network Council Meeting, which took place the weekend before Thanksgiving, we had the pleasure of hosting a panel conversation on curbing illicit financial flows, promoting taxation and establishing an international bankruptcy process for sustainable development. The panel called “The Lost Revenue of the Global South,” consisted of three experts on tax issues, Øygunn Brynildsen, Pooja Rangaprasad and Alvin Mosioma.

Lending to Dictators: Bad Loans, Good Business

Walter Wriston, former Citicorp chairman, declared that "Countries never go bankrupt."

By: Andrew Hanauer

Consider the following narrative: a western creditor, perhaps a bank or a government, lends money to an African country.  The African country is run by a dictator, an eccentric man who wears funny hats, has thirty-nine wives and has changed the name of his country from a western colonial moniker to that of an authentic African word at the same time that he spends much of his free time shopping in Paris.  The money loaned to this dictator, shockingly, does not go to build a hospital in a rural area.  It does not go to build roads or wind farms.  It does not create jobs.  It is spent on foie gras and champagne, two of the dictator’s favorite things, and perhaps on funny hats.  It is spent on a villa in Spain and an apartment in Central Park West.  It is spent, in short, on the dictator himself, though the loan will be repaid, of course, by the public.  A selfish act, yes, but can you imagine how expensive it would be to have thirty-nine wives?