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Jubilee USA: Keeping our Promises to Finance Development December 20th, 2019
Author: Eric LeCompte, Executive Director, Jubilee USA Network (OMI JPIC Partner)
According to UNCTAD, the Sustainable Development Goals (SDGs) could be achieved with a 5-7 trillion US dollar investment. If we fund the SDGs, the Business and Sustainable Development Commission notes that 12 trillion US dollars of new market opportunities and 380 million new jobs could be created. Yet we know that the developing world is losing a trillion dollars a year, and according to the IMF’s latest report – 15 trillion US dollars is held in tax havens and financial secrecy havens.
UNCTAD notes that debt sustainability in developing countries is “deteriorating fast”, and the IMF states that as of last August, 47 per cent of low-income countries were in debt crisis or facing high debt distress. Human beings are suffering. In too many poor countries, high debts mean people don’t eat, people don’t see doctors and communities are unprepared to deal with the havoc caused by tsunamis, hurricanes, earth quakes and other extreme weather events. Read the full article on Friedrich-Ebert-Stiftung’s website.
Friedrich-Ebert-Stiftung ((FES) is a non-profit German foundation
Religious Institutions Urge Senate to Pass Financial Transparency Legislation December 13th, 2019
Nearly 80 national religious bodies and local churches, synagogues and Muslim groups, including Missionary Oblates sent a letter to the US Senate urging passage of the ILLICIT CASH Act (S.2563) and the Corporate Transparency Act (S.1978).
OMI JPIC partner Jubilee USA coordinated the letter. In a press release, Jubilee’s director Eric LeCompte notes: “It will be more difficult for dictators to use shell companies to secretly steal development aid and for human traffickers to hide their profits once this legislation passes the Senate. The legislation reveals the true owners of shell companies to law enforcement.”
The letter states: “We write to urge you to support legislative actions in line with our faith…legislation that promotes transparency, fights corruption and protects the vulnerable,” stated the religious groups which included the Evangelical Lutheran, United Methodist, Presbyterian, Episcopal and United Church of Christ Churches.
The legislation is supported by the White House and passed the House of Representatives in October.
Read the Religious Organization Senate Transparency Letter here
Link for Sharing the Press Release: https://www.jubileeusa.org/pr_cta_letter_2019
Link to Religious Senate Letter and Signers: https://www.jubileeusa.org/jusa_cta_sign_on_letter_2019
Link for your Faith Community to Sign-on before next Senate Delivery: https://forms.gle/bzUEuXejacH5iS6T6
Jubilee USA Network is an alliance of more than 75 US organizations and 700 faith communities working with 50 Jubilee global partners. Jubilee USA builds an economy that serves, protects and promotes the participation of the most vulnerable. Jubilee USA wins critical global financial reforms and won more than $130 billion in debt relief to benefit the world’s poorest people. www.jubileeusa.org
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.
Click here to read more »
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. …”