The Jubilee Blog

One Important Stat

A message from Eric LeCompte, Executive Director of Jubilee USA:

Dear Friends,

If you're like me, you've probably gotten a lot of emails asking for your support on "Giving Tuesday." So I'm sorry to add one more to your in-box, but I'll keep it short - and just share this one important statistic with you:

In 2015, Jubilee USA won $1.3 billion in debt relief for Chad, Grenada and Ebola-impacted West Africa. 

On our modest budget, $1.3 billion in relief means a $500 donation to Jubilee USA equals $1.3 million in new resources for vulnerable communities. Please consider a tax-deductibleGiving Tuesday donation to Jubilee USA to fight poverty and inequality. Right now your gift is matched up to $15,000 by an anonymous donor.

Giving Tuesday is a great opportunity to make a donation on behalf of a loved one this holiday season. When you donate to Jubilee USA on somebody's behalf, we'll send you both a special holiday card to show our thanks.

Puerto Rico Default?

by Greg Williams

Puerto Rico may default on a $354 million December 1 debt payment. The US Territory is scheduled to make another payment of $957 million on January 1. The island's governor calls the total $72 billion debt "unpayable" and vows to prioritize public services over debt repayment if forced to choose. Puerto Rico's Government Development Bank presented a debt restructuring concept to the advisers of some firms who hold the debt at November 20 meetings in New York.

"We've reached a critical moment in the debt crisis," said Eric LeCompte, executive director of Jubilee USA, a religious anti-poverty group that focuses on debt issues. "3.5 million American citizens are on the front lines of a humanitarian crisis that will only get worse if we can't fix the island's debt problems."

Puerto Rico Government Meets with Debt Holders in New York

Puerto Rico's Government Development Bank is meeting in New York with advisers of some of the finance firms that own Puerto Rico's debt. The Bank says it will present a proposed plan to comprehensively resolve the island's debt crisis. A December 1 deadline looms for Puerto Rico to make a $355 million debt payment or enter a partial default. The US territory owes $72 billion in debt. 

"It's important to find a solution that can deal with Puerto Rico's total debt," said Eric LeCompte, Executive Director of the religious development coalition Jubilee USA Network. ‎"Puerto Rico's people face a humanitarian crisis. Puerto Rico's government and bond holders have the ability to work out a voluntary solution that protects Puerto Rico's people."

A Jubilee for Puerto Rico?

Jubilee's Executive Director Eric LeCompte appeared alongside a prominent group of experts - including Puerto Rico's Congressman Pedro Pierluisi and noted bankruptcy judge Steven Rhodes - at a forum on Puerto Rico's economic crisis. Puerto Rico owes more than $72 billion in debt - $20,000 for every man, woman and child on the island.

You can watch Eric's remarks here:

http://thehill.com/video/events/260289-puerto-ricos-fiscal-future-whats-next-for-americas-largest-territory