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Argentina Takes on Vulture Funds in “Debt Trial of the Century” April 23rd, 2013
For years, “vulture funds” have preyed on struggling nations by purchasing their debt for a pittance. Could an upcoming U.S. court decision put an end to the extortion of poor countries?
Last October, soldiers from the West African nation of Ghana boarded an Argentine naval ship called the Libertad. They overtook the crew and brought the ship to port in the town of Tema. This was not an act of piracy, at least not in the sense we normally understand it. The detaining of the Libertad took place after hedge fund NML Capital convinced a Ghanaian court that the ship, which was sailing in Ghanaian jurisdiction, should be held ransom for a debt the hedge funds claimed Argentina owed them.
The saga began in 2001, when Argentina was thrown into economic crisis and defaulted on its loans. Hedge funds swooped in and bought Argentine debt for almost nothing and circled until the country was in recovery to collect the debt in full.
UNCTAD Mandate on Debt Relief Sustained May 3rd, 2012
Jubilee USA is celebrating passage of the Doha Accord, a major step forward in developing solutions to the international debt crisis. The Missionary Oblates is a member of the Jubilee USA coalition and has a seat on the Board. Last week during tough and divisive negotiations in Qatar, Jubilee USA – working with governments and international partners – secured a strong mandate on debt and responsible lending and borrowing.
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On St. Patrick’s Day, Protect the Irish March 19th, 2012
Rev. Seamus P. Finn, OMI and Eric LeCompte, Director of Jubilee USA – wrote a joint piece on the legitimacy, or lack thereof, of international debt burdens. Their full article can be found on the Huffington Post:
“On the Feast of St. Patrick, there may be no better way to honor the patron of Ireland, who according to legend drove out snakes from the country, than by protecting the Irish people from bailing out a nonexistent reckless speculation bank.
Anglo-Irish Bank (Anglo) financed some of Ireland’s worst property speculators for unsustainable golf courses, hotels and super markets and saddled the Irish people with a massive, unjust debt.
At Jubilee USA Network we know a lot about unjust debts. …”