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Lift the Debt Burden on Poor Countries September 21st, 2009

Without debt relief, the developing world has little hope of economic progress, say the Rev. John Welch* and Ruth Messinger*.

The two members of Jubilee USA argue for debt cancellation in the poorest countries in a compelling article published in the Pittsburgh Post Gazette on the eve of the G-20, the international financial summit being hosted by President Obama.

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Stop Vulture Funds Bill Supported by Broad Array of Faith Groups and NGOs August 21st, 2009

The Oblate JPIC Office joined a broad array of faith groups and Non-Governmental Organizations in sending a letter to US Congressional Representatives asking for their support for the Stop Vulture Funds Act. This is newly introduced legislation that would prevent vulture funds (often a type of hedge fund) from making this excessive profit at the expense of poor countries struggling under the burden of debt.

Read the letter here.

‘Vulture fund’ is a name given to a company that seeks to make profit by buying up debt that is in default on the secondary market for pennies on the dollar, then sues the country in US or European courts once creditor countries forgive the debts owed them by a struggling country. As the value of the remaining debt rises, the Vulture Fund can often recover up to ten times the purchase price.

Some vulture funds target failing companies, but the ‘vulture fund’ campaign is focused on those that target the sovereign debts of impoverished countries.

Learn more about the vulture funds campaign

Time is Running Out on the Jubilee Act! Contact Your Senator Today July 24th, 2008

Jubilee USA members worked hard to get the Jubilee Act passed in the House of Representatives last April. But, the bill must also pass in the Senate. With only one week left before the August recess, and limited legislative time this fall, your Senators must hear from you in order to make the Jubilee Act law.

Call your Senator today!

Read our Action Alert for more information and details of how you can help.

Jubilee Cancel Debt Fast Needs Your Voice! October 1st, 2007

The Jubilee 40-Day Rolling Fast to cancel the debt of low-income countries will end with a Prayer Breakfast and Lobby Day in Washington, D.C. on Tuesday, October 16. The campaign is working to gain passage of the Jubilee Act (H.R. 2634) which calls on the U.S. government to press for debt cancellation of money owed to the World Bank and the IMF for low-income countries not covered by the 2005 G-8 debt deal. Twenty additional countries desperately in need of debt cancellation would benefit from this legislation.

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