The Jubilee Blog

Geralda: A Portrait of the Realities of Poverty

By: Lourdes Eliacin Mars

Geralda, age 15, a former child laborer in Haiti

We all hear stories that make us thankful for the luxuries we enjoy and none is as true as the story of my cousin Geralda.  Although seven years apart in age, we are worlds apart when it comes to the hardships she has faced at her young age.  The accident of birth is arbitrary - no one chooses to be born in a particular country, economy or family. In the case of Geralda, being born in Haiti, a country torn and tattered, puts her at a disadvantage in receiving proper education that can lead to a brighter future.

Please read Geralda’s story below. While telling me her story, I found it remarkable that after such suffering, she is still full of life and looking towards the future.  To have such courage already at the age of 16 reminds me, and anyone else who gets the chance to meet her, that life is worth living and it should never be taken for granted. Jubilee USA fights for the rights of people in poor countries to have a chance of a bright future. By advocating the cancellation of unfair debt and just economic policies, Jubilee USA links over 300 faith communities across the country with communities in the global south to strive to make a difference in lives of the world’s poorest and most vulnerable.

Eric's Op Ed: Grenada’s IMF Sunday School

Did you catch the Op Ed by Jubilee's Director, Eric LeCompte, in Inter Press Service on Jubilee USA working to get a fair debt deal for Grenada that will benefit its citizens?  If not, be sure to check it out below.  You can also learn more in the letter Jubilee's executive committee sent to IMF Head, Christine Lagarde and read the Conference of Churches in Grenada's statement.

 

OP-ED: Grenada’s IMF Sunday School

By Eric LeCompte

WASHINGTON, Oct 11 2013 (IPS) - As the International Monetary Fund shares initial proposals for Grenada’s debt restructuring during the Washington DC meetings this week, the Caribbean island could gain a reputation for more than nutmeg, calypso, beaches and the 2012 gold medal sprinter Kirani James.

Because Grenada is listening to the nation’s religious leaders, it may become famous for a debt resolution deal that includes the participation of its citizens, protects the most vulnerable from austerity programmes and keeps current employment on the island intact.

IMF Reviews International Bankruptcy Process for Sovereign Countries

We're being heard!  The international bankruptcy process that Jubilee and our partners have been promoting for years is being discussed by the International Monetary Fund, G20 members and various UN expert groups.  Learn more in our press release below.

October 11, 2013 

IMF Reviews International Bankruptcy Process for Sovereign Countries

WASHINGTON, DC - During the course of the annual IMF meetings, the Fund, civil society and financial ministers continue to discuss the implementation of an international bankruptcy process for sovereign countries. Since the IMF staff released a paper this past spring reviewing aspects of how a debt resolution practice could function, the process was discussed by G20 members. Various UN expert groups continue to explore implementation of this process. At the IMF meetings this week there are official events and side events that relate to the process.

“It’s exciting that global decision makers are seeing a need to discuss an international bankruptcy process for countries,” noted Eric LeCompte, Executive Director of the religious debt relief campaign, Jubilee USA Network. “After recurring debt crises that pushed millions more people into extreme poverty, we need a process like this to achieve global stability.”

IMF Secures Windfall Gold Sales Profits for Concessional Lending to Low-Income Nations

We have jubilant news on our three-year international campaign to secure windfall profits from the International Monetary Fund's gold sales.  Check it out below in our press release.  Also, read our coverage in Agence France-Presse and the Inter Press Service.

Argentina Vulture Fund Case Update: SCOTUS Won't Hear Case For Now; More To Come

The U.S. Supreme Court decided not to take the landmark debt case between Argentina and bondholders led by NML Capital, a hedge fund that buys the debt of countries in financial crisis. Argentina is expected to file a second petition in the coming months that the Supreme Court will review and decide again if it will hear the case. In June, Argentina filed a writ of certiorari to the U.S. Supreme Court asking the court to overturn a ruling by the 2nd U.S. Circuit Court of Appeals made last October. The ruling ordered Argentina to pay bondholders $1.33 billion based on the court’s interpretation of a pari passu, or parity clause. 

“The faith community is saddened by the high court's decision,” noted Eric LeCompte, Executive Director of Jubilee USA, a religious antipoverty organization. "Given the likelihood of Argentina filing again to the U.S. Supreme Court on this global poverty case, we're praying upon another review the U.S. Supreme Court will take it."