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Jubilee USA holds Vigil Against Vulture Funds outside New York Courthouse February 28th, 2013
Yesterday, Jubilee USA stood with the poor and against vulture funds at the New York 2nd Circuit Court of Appeals – the last stop before the Supreme Court. Anti-debt supporters held a vigil outside and observed with hundreds of people packed into the courtroom, and several overflow rooms.
The media have been very interested in the story. Agence France-Presse (AFP) quoted Jubilee USA Executive Director, Eric LeCompte: “We pray that they will side with the people of Argentina, the US government and the world’s poorest people. If the judges rule in favor of these hedge funds, it will mean these funds will more aggressively target poor countries in fragile financial recovery. If they rule with Argentina, it will mean that it will be harder for these types of funds to exploit countries in financial distress.”
In addition to Jubilee USA’s vigil outside the US Court, Jubilee South organized an amazing demonstration in Buenos Aires and Jubilee Debt Campaign banged pots and pans outside the doors of the London office of the lead vulture fund, NML Capital.
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The Debt ‘Trial of the Century’ – Vulture Hedge Funds v. Argentina February 26th, 2013US Government Files Brief Supporting Argentina Faith Community to Vigil Outside Court Proceeding on Wednesday
On February 27th, two holdout vulture funds, including Paul Singer’s NML Capital, are in a New York Federal court verses Argentina. The Financial Times has dubbed the proceeding the “‘the trial of the century’ in sovereign debt restructuring.” The US Government filed a friend-of-the-court brief noting a ruling against Argentina could make it much harder for countries in financial recovery or countries facing economic stresses to access credit and debt swaps.
The faith community and other groups, organized by Jubilee USA, will vigil out of concern for poor people affected by vulture funds during the proceeding outside the Federal 2nd Circuit Court of Appeals Wednesday, February 27th starting at 1:00 PM in New York City. Vigils will also take place in London and Buenos Aires.
“If these vulture hedge funds win, it will mean they will more aggressively target poor countries in fragile financial recovery. If we win, it will mean that it will be harder for vulture funds to target the monies that develop social infrastructure in many poor countries,” said Eric LeCompte, Jubilee USA Network Executive Director. The US Province of the Missionary Oblates of Mary Immaculate is an organizational member of Jubilee USA, and has supported debt relief work for several decades.
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