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Missionary Oblates of Mary Immaculate  United States Province

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Please Support UN Resolution for an International Bankruptcy Process September 5th, 2014

We 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:

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Friends,

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.

Can you please contact Ambassador Power, urge her to vote for resolution A/68/L.57 and let her know she is in your prayers?

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.

Please contact Ambassador Power, urge her to vote for resolution A/68/L.57 and let her know she is in your prayers.

Thank you for your prayers and support.

 


Missionary Oblates Join Supreme Court Filing in Argentina/NML Capital Case March 25th, 2014

Jubilee USA Network, a religious anti-poverty coalition, along with 78 other religious and development groups filed with the US Supreme Court in the case between Argentina and NML Capital. The Amicus Curiae brief takes the side of Argentina because the precedent of the case impacts predatory behavior on vulnerable populations. The friend-of-the-court brief argues that the case will have a detrimental impact on the poor, undo bipartisan United States debt policy and cause global financial instability. Filers joining Jubilee USA include: American Jewish World Service, Church World Service, Action Aid USA, numerous synagogues and churches across the US and a large number of Catholic religious orders of nuns and priests, including the Missionary Oblates. Read the full list of the 79 groups and Jubilee USA’s Amicus Curiae.

“At the end of the day, this case is about a precedent that could expose developing economies to extreme predatory behavior,” noted Kent Spriggs the attorney representing the 79 groups “The Supreme Court’s decision will affirm or harm current bipartisan US debt policy.”

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Philippines’ Foreign Debt Payments Dwarf Relief Aid After Typhoon Haiyan December 20th, 2013

More than a month after Typhoon Haiyan devastated the Philippines, the country has paid approximately $900 million in debt repayments—more than twice as much as it’s received in pledged aid from countries around the world to support the recovery effort. 

The Philippines government will spend a total of $6.7 billion on debt repayments this year alone, some of which originates from the corrupt and abusive regime of Ferdinand Marcos, who was responsible for the deaths of more than 3,000 Filipinos and the torture of 35,000.

Jubilee USA is calling for a major shift in debt policy vis a vis the Philippines. “The World Bank and international lenders have yet to cancel the debts that fueled Marcos regime corruption. While Filipinos were tortured and lived in poverty, we watched Marcos’s wife accumulating one of the world’s largest shoe collections,” said Eric LeCompte, Executive Director of Jubilee USA Network. “If these debts were cancelled they could rebuild the Philippines and safeguard the country from the impacts of climate change.”


The death toll from Typhoon Haiyan is now at more than 6,000 people, while nearly 2,000 people remain unaccounted for. Meanwhile, more than 4 million people have been displaced. 

”The World Bank and other international lenders must be subject to an independent debt audit,” said LeCompte. “It’s also critical that lenders offer unconditional grants to the Philippines rather than loans that will further drive the country into poverty.”


Predatory Hedge Funds and Argentina Face Supreme Court Showdown December 17th, 2013

Majority Debt Holders Seek to End Standoff between Argentina and Holdouts

Argentina is expected to appeal to the US Supreme Court by mid-February in response to a US 2nd Circuit Court ruling ordering the country to pay $1.33 billion to predatory hedge funds. The precedent the case sets will hurt poor countries in financial distress and could allow a small group of hedge funds to target assets that benefit vulnerable populations. At the same time, debt holders who restructured their debt with Argentina have hired lawyers to help negotiate the dispute between holdout hedge funds and Argentina. Nearly 93% of debt holders restructured their debt with Argentina after the 2001 default. The majority of bondholders are concerned that their settlements could be disrupted if hedge funds win the final ruling.

“We agree with the concerns of the restructured bondholders,” said Eric LeCompte, Executive Director of Jubilee USA Network, a faith-based antipoverty organization. “We join the IMF, World Bank and White House in denouncing this extreme hedge fund behavior that takes advantage of the world’s poorest people.”

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US Supreme Court Refuses to Hear Vulture Funds Case October 8th, 2013

vulturemanThe U.S. Supreme Court decided not to take the landmark debt case between Argentina and bondholders led by NML Capital, a hedge fund that buys the debt of countries in financial crisis. Argentina is expected to file a second petition in the coming months that the Supreme Court will review and decide again if it will hear the case. In June, Argentina filed a writ of certiorari to the U.S. Supreme Court asking the court to overturn a ruling by the 2nd U.S. Circuit Court of Appeals made last October. The ruling ordered Argentina to pay bondholders $1.33 billion based on the court’s interpretation of a pari passu, or parity clause.

“The faith community is saddened by the high court’s decision,” noted Eric LeCompte, Executive Director of Jubilee USA, a religious antipoverty organization. “Given the likelihood of Argentina filing again to the U.S. Supreme Court on this global poverty case, we’re praying upon another review the U.S. Supreme Court will take it.”

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Hedge Funds Win/Global Poor Lose August 23rd, 2013

vulturemanArgentine Bonds Surge. Ruling Delayed as U.S. Supreme Court Considers Taking Appeal

WASHINGTON, DC – In the landmark case of NML Capital, LTD v. The Republic of Argentina, the New York based U.S. Circuit Court upheld a previous ruling ordering Argentina to pay $1.33 billion to hold out hedge funds. Argentine bonds soared and antipoverty advocates held their breath as the 2nd Circuit Court delayed the ruling until the U.S. Supreme Court decides if they will take appeals on the case.

“Our eyes are on the U.S. Supreme Court. We pray the court will not forget the world’s poor as they consider taking the case,” asserted Eric LeCompte, Executive Director of the religious antipoverty campaign known as Jubilee USA.

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