The Jubilee Blog

Parliament of Jersey Stops Vulture Funds

By: Amber Przybysz

Yesterday, the Parliament of Jersey passed legislation that limits the ability of vulture funds to sue some of the world’s most impoverished countries in Jersey courts.[i] The legislation passed with 41 votes in favor, none against and one abstention, [ii] putting Jersey at the forefront of this issue with only one other country - the UK - with anti-vulture fund legislation. The bill will become law after it receives Royal Assent by the UK Privy Council, which normally takes several months.[iii]

 

Burma: Debt Relief and Democratization

By: Gianna Rendano

Today, President Obama became the first U.S. president to visit Burma (Myanmar).  On his visit, he met with President Thein Sein and opposition leader Aung San Suu Kyi and spoke about the nation’s progress while calling for more reform.  Just a month ago, at the IMF and World Bank annual meetings held in Tokyo, Japan, there was a sideline meeting with officials from the World Bank, IMF, Japan and the Asian Development Bank to discuss debt relief efforts for Burma. Though they did not decide on a specific course of action, they discussed Japan waiving up to $1 billion of Burma’s overdue loans sometime early next year.[i]  Japan is Burma’s largest creditor and earlier this year Japan cancelled roughly 60% of Burma’s loans.[ii]  The World Bank also recently announced a $60 million community development grant program to be put in place.[iii]

Act Now for Responsible Lending and Borrowing!

We need you to take action and tell your Senators and Representative to support legislative measures for responsible lending and borrowing. Today, Jubilee USA and members of our grassroots network are visiting the 61 members of House Financial Services Committee who will be moving our legislation forward. Contact them now and tell them to support responsible lending and borrowing principles.

Jubilee USA Network Event: The Lost Revenue of the Global South

A panel conversation on curbing illicit financial flows, promoting taxation and establishing an international bankruptcy process for sustainable development

Thursday, November 15th, 2012, 3:30 – 5:00 pm

Church Hall, Lutheran Church of the Reformation

212 East Capitol St NE, Washington, DC 20003

(Reception to follow)

Introduction by:

Eric LeCompte

Jubilee USA Network

Featuring:

Øygunn Brynildsen

European Network on Debt and Development (EURODAD)

Pooja Rangaprasad

Centre for Budget and Governance Accountability (CBGA), India

Alvin Mosioma

Tax Justice Network Africa

You are also invited to join us for a reception at Jubilee USA Network’s office upstairs from 5:00-7:00 immediately following the event.

Please RSVP to Kerri at [email protected] or at (202) 783-3566 x106

The Case of Bolivia’s Debt

By: Kerri Peters

Over half of Bolivia’s population lives in poverty,[i] due in large part to Bolivia’s long history of despotic regimes which have been responsible for racking up the country’s illegitimate debt for the past 40 years. In the 1970s, the Banzer regime took out millions of dollars of loans under the people’s name which benefitted the regime and not the citizens. By the end of the Banzer regime in 1978, Bolivia racked up a debt that equated to 10% of the country’s GDP.[ii] After the fall of the Banzer regime, Bolivia went through many administrations, most of whom made the debt crisis worse by borrowing more or by printing off more money to “fix” the problem. By the end of the 1980s, interest rates on these debts rose and Bolivia’s economy was in shambles - there was no plausible way for the country to pay off their debt.

First Presbyterian Church, Portland’s Jubilee Sunday, October 14, 2012

Below is a special post from Jubilee Oregon recollecting on their Jubilee Sunday this year.  A special thanks to Roberta Badger-Cain and Bob Brown.

First Presbyterian’s Jubilee Sunday speakers, Reginald “Reggie” Lizieu of Haiti and Jubilee Oregon’s Chair, Bob Brown, in a Minute for Mission from the pulpit, invited members of the congregation to “just give me one minute of your time” and “come hear about all the exciting things Jubilee USA Network and Jubilee Oregon are doing,” respectively. Following a powerfully relevant sermon delivered by Rev. Charles Svendsen on wealth and poverty entitled “Last to First” referencing Job 38:1-7 and Mark 10:17-31, 30 participants did just that in an after-worship Jubilee Sunday event, beginning with a sit-down catered gourmet luncheon.