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by Hannah Shultz
Religious leaders and trade union representatives from across the Caribbean gathered on the "Spice Isle" this week to formally launch the Caribbean Debt Network to influence debt restructurings and austerity policies taking place across the Caribbean. Six out of the twenty of the most heavily indebted countries in the world are in the Caribbean. Various Catholic Dioceses and the Caribbean Council of Churches attended the launch from St. Vincent, Barbados, Dominica, Trinidad and Tobago, Jamaica and Grenada.
"Caribbean countries struggle with high debt burdens and high poverty levels," noted Reverend Sean Dogget, a Catholic priest and spokesperson for the Diocese of Grenada. "Our regional network knows if we want to end poverty, we need to end unsustainable debts."
by Arielle Retrosi
On Monday, the Supreme Court heard arguments between Argentina and holdouts who refused two debt restructuring deals after Argentina defaulted on its debts in 2001. The Supreme Court Justices will determine if the predatory hedge fund NML Capital can obtain information from US Banks that reveal Argentina's holdings in order to target those assets for debt payments. The Obama Administration is siding with Argentina in the case. In the summer, the Supreme Court will also decide if it will hear a much broader case between Argentina and the hedge funds that impacts extreme poverty, official US debt policy and country debt restructuring.
"The Supreme Court hearing this initial case offers some indication that they are interested in hearing the broader case," said Eric LeCompte, Executive Director of Jubilee USA Network. "The court's decision on the broader case will impact financial stability and people living in extreme poverty."
Continue reading "Argentina and Predatory Hedge Funds Square Off at Supreme Court" »
From the Supreme Court to the Philippines, Jubilee USA has been working hard to end global poverty and build an economy that serves, protects and promotes the participation of the world's most vulnerable people.
READ JUBILEE USA'S SPRING UPDATE
Highlights include:
-Jubilee's Supreme Court Brief
-An Inspring Unity Event in California
-Our Bipartisan Tax Event at the US Capitol
-Jubilee's High Level Debt Panel at the IMF Spring Meetings
-Donations to Jubilee USA are being matched up to $10,000.
To all our supporters, thank you for all that you do to end global poverty and build a better future for children everywhere.
With gratitude,
The Jubilee USA Team
by Andrew Hanauer
Last year, our Executive Director, Eric LeCompte, travelled to the island nation of Grenada to help ensure that the interests of the country's citizens were at the forefront of any debt restructuring deal. As Eric heads back to the island next week to continue this work, we at Jubilee USA reflect on the importance of any such deal and its impact on the country's poorest people. In a remarkable oped after last year's trip, Eric laid out clearly what's at stake: the ability of the world's most vulnerable people to have a say in their own economic future.
That is really what Jubilee is all about. Our goal is to build an economy that works for everybody, and in particular those in need. The structures put in place by international financial institutions and governments should offer those communities protection, should serve their interests and should be accountable and transparent. Most of all, those communities should have a voice in creating and designing those structures, an issue that Jubilee raised last week during the Spring International Monetary Fund / World Bank meetings.
An economy that serves, protects and promotes the participation of vulnerable communities is an economy that creates jobs and sends kids to school. That reduces child mortality and improves maternal health. It is an economy that builds a better future for our kids and for kids around the world.
What can you do to help build that type of economy and that type of future?
Right now, gifts to Jubilee USA are being matched up to $10,000. Give today.
Together, we can build a better world.
Eric LeCompte (fourth from left) speaks at a high-level debt panel with top officials from several foreign governments and Jubilee USA Board Member Aldo Caliari (far left) during last week's International Monetary Fund meetings.
by Jubilee USA Staff
Last week, Jubilee USA was actively involved at the International Monetary Fund / World Bank Spring Meetings. In addition to co-sponsoring a high-level debt panel featuring finance ministry representatives from Argentina, Switzerland, and Grenada, Jubilee USA issueed statements on two important developments during the meeting.
You can read these statements, and their introductory paragraphs, below:
Continue reading "Jubilee USA Executive Director Eric LeCompte Issues Statements on IMF Meetings" »
by Jubilee USA Staff
The IMF released the World Economic Outlook Report ahead of the annual IMF meetings. The report forecasts improvement for several advanced and emerging economies, including the United States, but notes that the recovery is uneven and vast inequality still continues. One of the principle issues the report reviews is how sustainable the debt loads are for both G20 and developing countries.
"The IMF acknowledges that investors are still concerned with unsustainable debt loads in developing economies," noted Eric LeCompte, Executive Director of Jubilee USA Network, a religious coalition focused on the impacts of the financial crisis on poor people. "It doesn't take a rocket scientist to know what the IMF reports. In a post financial crisis world, the rich have gotten richer and more people have been pushed into extreme poverty."
Continue reading "International Monetary Fund Releases World Economic Outlook Report" »
By Jubilee USA Staff
Today, United Nations human rights expert Cephas Lumina called on international creditors to cancel the Philippines' debt and to aid the country with grants and not new loans. Since Typhoon Haiyan struck the country in early November of last year, the Philippines has spent more than $3 billion to pay off old debt, much of it originating with the corrupt dictatorship of Ferdinand Marcos. Meanwhile, the Philippines has received less than $500 million in aid despite estimates that as much as $8 billion may be needed to rebuild the country.
Jubilee USA has organized thousands of people to call on the World Bank and other creditors to give grants and not loans to the Philippines. Similar calls led to significant debt cancellation for Haiti in the wake of its devastating 2010 earthquake.
Read more about today's statement by United Nations expert Cephas Lumina.
Sign Jubilee USA's petition calling for debt relief and grants - not loans - to the Philippines.
Senator Chuck Grassley
by Andrew Hanauer
Recently, Jubilee USA and its partners at the FACT Coalition hosted an event at the US Capitol highlighting the need for financial transparency and accountability. The bipartisan gathering capped a three-day event on Capitol Hill in which faith leaders and small business owners from across the country flew to Washington D.C. to encourage Congress to pass legislation curbing tax havens, ending harmful tax loopholes and shutting down anonymous shell companies.
Speakers included Jubilee USA Executive Director Eric LeCompte, Senator Carl Levin of Michigan, Rep. Lloyd Doggett of Texas, a representative of Senator Chuck Grassley of Iowa and Jubilee representative Roberta Badger-Cain of Jubilee Oregon and First Presbyterian Church of Portland. The opening prayer was delivered by Rabbi Menachem Creditor of Congregation Netivot Shalom in California and the closing prayer was given by Jubilee Board Co-Chair Beatrice Parwatikar.
If you are interested in a career working to end extreme poverty and create a global economic system that works for everybody, Jubilee USA is a great place to work.
We are currently hiring a Communications Director in our Washington DC office. We also have openings for Fall interns to assist with diverse aspects of our organization's work, including outreach, policy, communications and development.
Below are links to the full descriptions. Please feel free to forward these opportunities far and wide!