The Jubilee Blog

Update: Debt Trial of the Century Continues as Hedge Fund, NML Capital, Rejects Argentina Proposal

NML Capital is a subsidiary of hedge fund Elliott Management, owned by billionaire Paul Singer (pictured above)

By: Rickard Ekstedt

Holdout creditor, NML Capital, rejected Argentina’s court-ordered payment plan on April 19, 2013.  The payment plan would have given holdout creditors virtually the same deal that 92 percent of creditors took in 2005 and 2010 debt swaps.  Read Jubilee USA’s statement below on how Argentina’s payment plan protects the global poor.  This is the next step in the landmark case - a ruling by judges in the US 2nd Circuit Court of Appeals is imminent. 

International Monetary Fund Lowers Growth Estimates for United States and Global Economy

The International Monetary Fund (IMF) has been known for promoting austerity measures since the 1980s - which makes their latest move baffling.  The IMF lowered growth projections for the United States noting the cause as austerity budget cuts.  They also lowered previous Euro-zone and global economic growth projections. Read Jubilee USA's response below.

Pope Francis Concern for Poor Drives Review of Vatican Bank

Vatican sources say Pope Francis may restructure or close the Vatican Bank upon reviewing bank scandals. According to inside reports, Pope Francis is specifically concerned how money laundering and illicit financial flows hurt the poor.  Read more in Jubilee's press statement below.

Tax Havens 101: The high cost of going offshore (Washington Post)

Watch this great video by the Washington Post to see how investors can create companies and trusts in tax havens.

 

Tax Haven Capital of the World?

What nation comes to mind first when you think about the tax haven capital of the world?  Perhaps, the Cayman Islands or some other destination with coconuts, swimsuits and beach towels?  Actually, it is the city of London - where every day billions in untaxed profits flow.  Learn more in the video below: