The Jubilee Blog

The Top 10 Jubilee Moments of 2015: Day 10

This was a big year for us at Jubilee USA. Once a day for each of the remaining days of 2015, we'll share the biggest stories of the year. Check in every day to see our Top 10 Moments of 2015.

# 10 Jubilee Moment Pope Francis endorses a global bankruptcy process, saying, "if a company can declare bankruptcy, why can't a country do so?"  

# 9 Jubilee Moment We welcome six new organizations into our national coalition.

# 8 Jubilee Moment Jubilee USA brings faith leaders from four states to a training in Iowa on tax and transparency issues. 

 

# 7 Jubilee Moment  At the beginning of this season of Advent, Pope Francis declares a Jubilee Year. 

 

# 6 Jubilee Moment Sixty-four faith communities from 26 states prayed and acted for fair student lending policies as part of Jubilee USA's national interfaith "Jubilee for Students" prayer event. 

 

# 5 Jubilee Moment Pope Francis visits the United States where he invites US political leaders to work together to end global poverty. At the United Nations, Pope Francis raises the specific debt, tax and trade policies that drive global poverty, including "oppressive lending systems."

 

# 4 Jubilee Moment Chad wins $1.1 billion in debt relief, freeing up vital funds to support health care and education. 

 

# 3 Jubilee Moment Puerto Rico's religious leaders call for Jubilee - debt relief, budget transparency and investment in Puerto Rico's people.

 

# 2 Jubilee Moment Jubilee Caribbean launches!

 

and, our # 1 Jubilee Moment of 2015: We win $100 million in debt relief for Ebola-impacted Guinea, Liberia and Sierra Leone. We also moved the IMF to create a new debt relief trust fund for 38 of the world's poorest countries when they're impacted by a health crisis or natural disaster.

 

Thank you for your support in 2015 and we look forward to partnering in 2016. Onward!

Puerto Rico Plans to Default New Year's Day

B y Greg Williams

According to ‎Puerto Rico's government, the island will default on at least $37 million of its roughly $1 billion of January 1st debt payments. Puerto Rico's Governor says the island will not make a $36 million payment owed by the Infrastructure Financing Authority and a $1.4 million payment owed by the Public Finance Corporation. The central government will pay the $357 million it owes on "general obligation" debt which carries the strongest legal protections. 

The missed payment is not a surprise, according to debt expert Eric LeCompte. ‎"Puerto Rico's government is starting to make choices between their obligation to their people and their obligation to those who hold debt‎," stated LeCompte, who directs the religious development network Jubilee USA. "Unfortunately, without bankruptcy intervention or a negotiated solution, Puerto Rico's financial crisis continues to worsen."

It's not clear how investors holding defaulted debt will proceed next. Puerto Rico is obligated to pay the central government or "general obligation" debt first, but, without bankruptcy protection, there is no existing process for prioritizing other debt. Almost 20 different agencies in ‎Puerto Rico hold debt and 12 different entities owe money on January 1. Some investment groups holding defaulted debt could sue Puerto Rico for payment.

Puerto Rico's public companies cannot access US bankruptcy protection without Congressional intervention. Attempts to include Puerto Rico bankruptcy protection in the "Omnibus" budget deal failed. Speaker Paul Ryan pledged the House of Representatives will address Puerto Rico's debt crisis by March 31. House Minority Leader Nancy Pelosi and four Senators introduced legislation to block lawsuits against the island until that deadline passes. Republican and Democrat Representatives have introduce legislation in Congress to extend bankruptcy protection to Puerto Rico. The island owes $72 billion in total debt, which the Governor calls "unpayable."

"Unfortunately, Puerto Rico proves why bankruptcy protection is so vital for the United States," noted LeCompte. "When millions of Americans can't benefit from US bankruptcy protection, we are treating them like second class citizens. Defaults are messy and Puerto Rico's people are already paying the price."

Read more about Puerto Rico's January 1 payment. 

Read a timeline of Puerto Rico's debt crisis

2015 by the Numbers

Dear Friends -

I hope you and your loved ones are well as we celebrate the final hours of 2015. With just about 36 hours left, we are $22,000 from reaching our fund-raising goals and we need your help. 

Can you join me and make a year-end tax deductible gift to Jubilee USA?

Here's a quick look at what your support accomplished this year "by the numbers":

·  $1.3 Billion – The amount of debt relief Jubilee USA won in Chad, Liberia, Siera Leone, Guinea and Grenada

·  $260,000  – The amount of debt relief garnered by each $100 donation to Jubilee USA 

·  9 – The number of new Jubilee Campaigns launched on poor and heavily-indebted Caribbean islands

·  130 – The number of new faith communities that joined our network of synagogues, churches and mosques (we now have more than 550 religious communities as members)

·  5 - The number of pieces of legislation we introduced on corruption and tax issues in the developing world

·  82 – The number of Congressional offices we worked closely with on global trade policies 

·  147 – The number of first time new donors who invested in Jubilee USA’s work in 2015

·  4 - The number of new foundations that supported our work

·  3,000 – The number of phone calls Jubilee USA organized to the US Senate to stop harmful trade tribunals

·  3.5 million - Americans impacted by Jubilee USA's Puerto Rico efforts

·  9 – The number of times Jubilee USA staff addressed the United Nations on our efforts on trade, tax and debt

· 100,000 and counting ‎- The number of times Jubilee USA’s work appeared this year in news outlets like the New York Times, Wall Street Journal, Financial Times, Associated Press, Reuters, MSNBC, CNN, CNBC, NBC, CBS, Fox News or your local newspaper

· 5 – The number of new organizers Jubilee USA will hire and place over the next year

Because of your support, Jubilee USA is winning "common good" policies on tax, debt and trade.

Because of your support, we’re growing on every level and winning strategic campaigns to lift millions of people out of poverty.

Before 2015 ends, I plan to give Jubilee USA $600. Will you please join me and make a 20, 100, 50, 500 or 250 dollar tax-deductible donation to Jubilee USA?

I’m so grateful for your support

Eric LeCompte
Executive Director
Jubilee USA Network
[email protected]

Twitter: @Eric_LeCompte
www.jubileeusa.org/support-us

    

The Top 10 Jubilee Moments of 2015: Day 9

This was a big year for us at Jubilee USA. Once a day for each of the remaining days of 2015, we'll share the biggest stories of the year. Check in every day to see our Top 10 Moments of 2015.

# 10 Jubilee Moment Pope Francis endorses a global bankruptcy process, saying, "if a company can declare bankruptcy, why can't a country do so?"  

# 9 Jubilee Moment We welcome six new organizations into our national coalition.

# 8 Jubilee Moment Jubilee USA brings faith leaders from four states to a training in Iowa on tax and transparency issues. 

 

# 7 Jubilee Moment  At the beginning of this season of Advent, Pope Francis declares a Jubilee Year. 

 

# 6 Jubilee Moment Sixty-four faith communities from 26 states prayed and acted for fair student lending policies as part of Jubilee USA's national interfaith "Jubilee for Students" prayer event. 

 

# 5 Jubilee Moment Pope Francis visits the United States where he invites US political leaders to work together to end global poverty. At the United Nations, Pope Francis raises the specific debt, tax and trade policies that drive global poverty, including "oppressive lending systems."

 

# 4 Jubilee Moment Chad wins $1.1 billion in debt relief, freeing up vital funds to support health care and education. 

 

# 3 Jubilee Moment Puerto Rico's religious leaders call for Jubilee - debt relief, budget transparency and investment in Puerto Rico's people.

 

#2 Jubilee Moment Jubilee Caribbean launches! Leaders from across the region and from six religious denominations organize to work for debt relief, budget transparency and curbs to austerity and corporate tax avoidance on nine heavily-indebted Caribbean islands. Earlier in the year, our efforts won more than $100 million debt relief in Grenada.

The Top 10 Jubilee Moments of 2015: Day 8

This was a big year for us at Jubilee USA. Once a day for each of the remaining days of 2015, we'll share the biggest stories of the year. Check in every day to see our Top 10 Moments of 2015.

# 10 Jubilee Moment Pope Francis endorses a global bankruptcy process, saying, "if a company can declare bankruptcy, why can't a country do so?"  

# 9 Jubilee Moment We welcome six new organizations into our national coalition.

# 8 Jubilee Moment Jubilee USA brings faith leaders from four states to a training in Iowa on tax and transparency issues. 

 

# 7 Jubilee Moment  At the beginning of this season of Advent, Pope Francis declares a Jubilee Year. 

 

# 6 Jubilee Moment Sixty-four faith communities from 26 states prayed and acted for fair student lending policies as part of Jubilee USA's national interfaith "Jubilee for Students" prayer event. 

 

# 5 Jubilee Moment Pope Francis visits the United States where he invites US political leaders to work together to end global poverty. At the United Nations, Pope Francis raises the specific debt, tax and trade policies that drive global poverty, including "oppressive lending systems."

 

# 4 Jubilee Moment Chad wins $1.1 billion in debt relief, freeing up vital funds to support health care and education. 

 

# 3 Jubilee Moment Puerto Rico's religious leaders call for Jubilee - debt relief, budget transparency and investment in Puerto Rico's people. They call on Congress and the White House to intervene. Four weeks later, we organized meetings for the leaders with President Obama's chief of staff and Congressional leadership.

Two Cups of Coffee

Friends -

The statistics can seem overwhelming.

More than one billion people live in extreme poverty. ‎Less than 100 people have more wealth than 3.5 billion people or half the global population. The world's poorest countries lose billions of dollars each year to debt, corruption and corporate tax avoidance. Developing countries lose a trillion dollars a year because of corruption in our financial system.

When you make a gift to Jubilee USA - even the price of a cup of coffee can make big impacts on these overwhelming statistics.

When you make a $3 monthly, recurring donation to ‎Jubilee USA you can make a real difference and you can win transparency in our economy, address inequality and end extreme poverty.

In 2015, Jubilee USA's work impacted millions of people and secured trade, tax and debt policies to build a more inclusive economy.

We won $1.3 billion in debt relief in Africa and the Caribbean. ‎On our budget, $1.3 billion in relief means that when you sign up and give a $3 monthly donation to Jubilee USA, it translates to $93,600 in new resources for some of the world's poorest communities. Your $7 monthly donation translates to $218,400 in debt relief that builds schools, hospitals and protects jobs.  

Please make a gift of $3 or even $7 a month as we build an economy that protects and promotes the participation of the most vulnerable.

What impact does debt relief have in the poorest countries?

• In Tanzania, debt relief sent 1.5 million kids to school by waiving public school tuition fees
• It helped 52 million more kids attend school in Africa
• In Zambia, debt relief money was used to cancel fees at rural health clinics
• According to the World Bank, drop-out rates in primary schools decreased significantly in countries that received debt relief
• Nicaragua increased its investment in public health by $54.7 million after receiving debt relief

Please make a $3 or $7 monthly donation to Jubilee USA. Your tax-deductible sustaining investment changes lives and transforms the structures that perpetuate inequality.

With your partnership, Jubilee USA builds a global economy that leaves no one behind.

Gratefully,

Eric LeCompte
Executive Director
www.jubileeusa.org/support-us

    

The Top 10 Jubilee Moments of 2015: Day 7

This was a big year for us at Jubilee USA. Once a day for each of the remaining days of 2015, we'll share the biggest stories of the year. Check in every day to see our Top 10 Moments of 2015.

# 10 Jubilee Moment Pope Francis endorses a global bankruptcy process, saying, "if a company can declare bankruptcy, why can't a country do so?"  

# 9 Jubilee Moment We welcome six new organizations into our national coalition.

# 8 Jubilee Moment Jubilee USA brings faith leaders from four states to a training in Iowa on tax and transparency issues. 

 

# 7 Jubilee Moment  At the beginning of this season of Advent, Pope Francis declares a Jubilee Year. 

 

# 6 Jubilee Moment Sixty-four faith communities from 26 states prayed and acted for fair student lending policies as part of Jubilee USA's national interfaith "Jubilee for Students" prayer event. 

 

# 5 Jubilee Moment Pope Francis visits the United States where he invites US political leaders to work together to end global poverty. At the United Nations, Pope Francis raises the specific debt, tax and trade policies that drive global poverty, including "oppressive lending systems."

 

# 4 Jubilee Moment Chad wins $1.1 billion in debt relief, freeing up vital funds to support health care and education. The relief comes from Jubilee USA's historic debt relief initiatives at the IMF and World Bank. Chad is the world's tenth-least developed country and half its population lives in poverty.

NBC, CBS, Univision, MSNBC, Fox News

Dear Friend,

Thanks to your support, in 2015 Jubilee's work appeared in more than 100,000 news stories.

The Top 10 Jubilee Moments of 2015: Day 6

This was a big year for us at Jubilee USA. Once a day for each of the remaining days of 2015, we'll share the biggest stories of the year. Check in every day to see our Top 10 Moments of 2015.

# 10 Jubilee Moment Pope Francis endorses a global bankruptcy process, saying, "if a company can declare bankruptcy, why can't a country do so?"  

# 9 Jubilee Moment We welcome six new organizations into our national coalition.

# 8 Jubilee Moment Jubilee USA brings faith leaders from four states to a training in Iowa on tax and transparency issues. 

 

# 7 Jubilee Moment  At the beginning of this season of Advent, Pope Francis declares a Jubilee Year. 

 

# 6 Jubilee Moment Sixty-four faith communities from 26 states prayed and acted for fair student lending policies as part of Jubilee USA's national interfaith "Jubilee for Students" prayer event. 

 

# 5 Jubilee Moment Pope Francis visits the United States where he invites US political leaders to work together to end global poverty. At the United Nations, Pope Francis raises the specific debt, tax and trade policies that drive global poverty, including "oppressive lending systems." We're honored to work with the Vatican on those issues and to partner with faith leaders across the globe to end poverty. During the Pope's visit to the US, we published 4 op-eds in 24 hours and our director Eric LeCompte appeared on MSNBC.

 

The Top 10 Jubilee Moments of 2015: Day 5

This was a big year for us at Jubilee USA. Once a day for each of the remaining days of 2015, we'll share the biggest stories of the year. Check in every day to see our Top 10 Moments of 2015.

# 10 Jubilee Moment Pope Francis endorses a global bankruptcy process, saying, "if a company can declare bankruptcy, why can't a country do so?"  

# 9 Jubilee Moment We welcome six new organizations into our national coalition.

# 8 Jubilee Moment Jubilee USA brings faith leaders from four states to a training in Iowa on tax and transparency issues. 

 

# 7 Jubilee Moment  At the beginning of this season of Advent, Pope Francis declares a Jubilee Year. 

 

# 6 Jubilee Moment Sixty-four faith communities from 26 states prayed and acted for fair student lending policies as part of Jubilee USA's national interfaith "Jubilee for Students" prayer event. That very week the Consumer Financial Protection Bureau fined a student loan company $18.5 million for illegal, predatory student lending practices.