News Archives » South America
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.”
Click here to read more »
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.
NOGs and Religious Groups Call for Inclusion of Human Right to Water and Sanitation in SDGs July 7th, 2014
More than 300 Non-governmental Organizations (NGOs), including Missionary Oblates of Mary Immaculate, recently sent a statement to the General Assembly’s Open Working Group on Sustainable Development Goals (SDGs) to explicitly affirm its commitment to protect and promote the human right to water and sanitation within the SDG framework and implementation:
“We join the repeated and insistent calls from civil society around the world to ensure that the SDGs are explicitly aligned to the human rights framework. For the post-2015 development agenda to reach its objective of being just, people-centered, and sustainable, the goals must prioritize-for present and future generations-the human right to water for health, life, food, and culture over other demands on water resources. This is even more critical given the key role of water for achieving other sustainable development objectives such as sustainable energy and food production, gender equality, and climate change mitigation.
SDGs must be designed to catalyze increased capacity and political will for States to fulfill their legally binding obligations to respect, protect, and promote the human right to water and sanitation. Our organizations fear that the human right to water and sanitation continues to be contested within the context of a global competition for scarce water resources. We are concerned that a development agenda that is not explicitly committed to upholding this vital human right may end up undermining it.”
Click here for good resources on the UN Human Right to Water: Human right to water and sanitation | International Decade for Action ‘Water for Life’ 2005-2015
USCCB Infographic to Stop Slavery! July 2nd, 2014
Please watch this new info-graphic from the US Catholic Bishops’ Conference Anti-Trafficking Program, and take action today!
“Investing for the Poor: How Impact Investing Can Serve the Common Good in the Light of Evangelii Gaudium” June 16th, 2014