News Archives » Central America & the Caribbean
International Monetary Fund Releases Plans to Stop Predatory Hedge Funds October 6th, 2014
The International Monetary Fund (IMF) released new proposals for preventing predatory hedge funds and hold-out investors from blocking debt restructurings. The paper proposes a series of reforms to debt contracts, including strengthened collective action clauses and a modification of the pari passu clause that hold-out hedge funds used to sue Argentina.
“In the wake of debt restructurings in Argentina and Greece, the IMF is incredibly concerned about vulture funds,” stated Eric LeCompte, the Executive Director of the religious anti-poverty coalition, Jubilee USA Network. “The IMF is advocating a market approach, but we also need a statutory approach. We need to change both the contracts and the laws.”
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Victory at the UN! September 9th, 2014
Despite a disappointing no vote from the United States, the UN General Assembly earlier today voted 124 – 11 to begin negotiations for an international bankruptcy process to end global inequality. The process can potentially stop vulture funds from preying on vulnerable countries and create a global economy that serves all of us.
Unfortunately, the United States government was one of only 11 countries to vote against this treaty process. While the US government is against predatory behavior, they are against this approach. We have much work left to do because today’s UN vote will not outlaw global predatory activity in the United States, one of the most important financial jurisdictions.
Read Jubilee USA’s press release and analysis of the vote here.
Yesterday, we asked you to contact United States UN Ambassador Power and urge her to support the resolution, and we thank everyone who spoke out on this issue. Thousands of faxes, calls and emails were sent to Ambassador Power in response to this request from Jubilee USA and Network members. Churches, synagogues, the AFL-CIO and dozens of Catholic religious orders joined you and amplified our message.
We will continue to update our network on this important issue. For information and analysis on the international debt, please visit Jubilee USA
Please Support UN Resolution for an International Bankruptcy Process September 5th, 2014We would like to share this prayer and action request from our colleagues at Jubilee USA. JPIC Director, Fr. Seamus Finn, OMI co-signed the recent Jubilee letter on this issue to Ambassador Power:
On Tuesday, the United Nations General Assembly could vote on a resolution to not only stop vulture funds, but to actually prevent the world’s poorest economies from defaulting. A majority of countries support it – thanks to the work we have done together, the world is largely united against predatory behavior.
Yesterday, Jubilee’s executive board officers sent a letter to the United States UN Ambassador Samantha Power urging her to support this resolution.
Please pray for Ambassador Power as she weighs her vote, and we hope your entire faith community will pray for the UN process this weekend. We would be honored if you would share your prayers with us by replying to this email.
This resolution is an opportunity to win a financial reform Jubilee USA has championed since our inception: an international bankruptcy process for countries. As the Argentina case highlights so clearly, we need a bankruptcy system to stop predators and end the specter of default. Winning this resolution moves us closer to building an economy that serves, protects and promotes participation of the most vulnerable.
Thank you for your prayers and support.
A Test for all Americans: Unaccompanied Children Deserve a Compassionate Response September 3rd, 2014
“Maria would rather die than return to El Salvador,” notes the child psychiatrist who evaluated the 13-year-old near the U.S./ Mexican border. The girl is suffering from post-traumatic stress disorder and major depression after escaping rape by a gang member, as well as threats to her grandparents’ lives back in El Salvador. With her in mind, and others like her, it is unthinkable that U.,S. policy proposals would roll back protections afforded to unaccompanied children under the Trafficking Victims Protection Reauthorization Act of 2008. It would give border patrol agents the power to immediately render deportation decisions, and if this happens, children like Maria won’t have the opportunity to even talk to doctors. Read “Vulnerable and Alone: Children Crossing the Border” (PHR), here. The U.S. Bishops are calling for a humanitarian response. Watch this You Tube.
Learn more and spread the word: Watch the three-minute video, Why People are Fleeing Central America, from Jesuit Refugee Service/USA, that succinctly explains the root causes of the migration spike. The children are predominantly coming from Honduras (with the #1 homicide rate in the world), El Salvador (#3) and Guatemala (#8), known collectively as the Northern Triangle. Reportedly, street gangs from the 90’s now work closely with the drug lords and increasingly use “join or die” tactics with these children. Watch the video.
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August Issue of Stop Trafficking! August 11th, 2014
Read the latest issue of Stop Trafficking!, the anti-human trafficking newsletter of a broad coalition of national and international congregations of women religious and their partners.
The August 2014 issue (Vo. 12, no. 8) highlights the plight of children in the US and those seeking asylum because of violence and sexual exploitation.
The Missionary Oblates JPIC office joined Interfaith Immigration Coalition in a letter addressed to the President and Congress regarding the recent unaccompanied children who are crossing the US-Mexico border. The interfaith community is expressing concerns for the unaccompanied children and families fleeing violence in Central America and frustrations with the way this humanitarian crisis has been handled. The letter requests that steps be taken in a just, effective, compassionate and comprehensive way to address the needs of children and families who are fleeing harm in Central America.