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Supreme Court Refuses Argentina Hedge Fund Debt Case June 16th, 2014
Lower Court Ruling Stands and Validates Hedge Fund Predatory Behavior
Washington DC – The US Supreme Court denied hearing Argentina’s appeal today and a lower court ruling stands that validates predatory behavior targeted towards countries in financial distress. The high court also denied a related appeal on behalf of the more than 92% of bond holders who had accepted Argentina’s restructuring deal after the default.
Eric LeCompte, Executive Director of the religious anti-poverty organization Jubilee USA, releases the following statement:
“I am blown away by the decision. For heavily indebted countries trying to support extremely poor people, this is a devastating blow. These hedge funds are equipped with an instrument that forces struggling economies into submission.
“For 15 years, Republicans and Democrats have agreed that the world’s poorest countries need to have their debt burdens reduced. Today, that bipartisan policy is threatened by the court’s decision.
“The religious community is saddened that these extreme actors will now broaden their efforts to collect assets that belong to the poor.
“One loser today is New York State. Given today’s ruling, countries wishing to borrow money are going to find other places to sign their contracts. That’s why legitimate Wall Street investors have joined the IMF, World Bank, United Nations and the United States Government in opposing this behavior.
“Given the ruling, we need to see what legislative remedies we can implement to stop these hedge funds.”
Read Jubilee’s USA’s filing urging the Supreme Court to take case.
STOP Trafficking During FIFA! June 5th, 2014
In a week, “the biggest single-event sporting competition in the world” will commence: The FIFA World Cup. Half a million people are anticipated to attend the 2014 World Cup, which will be held in Brazil.
Live Your Dream is an online community empowering offline action, helping women and girls to live their dreams. They sponsored a #STOPTrafficking Awareness Week before the Superbowl in January. Along with spectators, large sporting events see an influx of sex trafficking victims.
You can take action to STOP Trafficking during FIFA!
Live Your Dream has created a resource and letter for nearly 200 hotels in the 12 Brazilian host cities to help hotel employees recognize the signs of trafficking and encourage them to contact the authorities if they suspect trafficking.
GOAL: 7,000 signatures in 7 days – SIGN HERE! Over 4,000 people have signed the letter as of this posting.
With the World Cup a week away, the organization is trying to get as many signatures of support as possible. Please sign your name now, and share this action with others so they may help put a stop to this atrocious crime against women and girls.
Spring/Summer 2014 Issue of JPIC Report Available On-Line April 28th, 2014
Please contact Mary O’Herron in the JPIC Office if you want to be added to the mailing list.
You can find all issues of JPIC Report on this website in the Resources section. (Download a PDF of the latest issue)
The Vatican Press Office released a statement regarding Thursday morning’s meeting between Pope Francis and U.S President Barack Obama. The statement notes that the two leaders discussed “current international themes” and expressed the hope that “in areas of conflict there would be respect for humanitarian and international law and a negotiated solution between the parties involved.”
The statement goes on to say that in the context of bilateral relations between the U.S. and the Holy See, the Pope and the President discussed “questions of particular relevance for the Church in that country, such as the exercise of the rights to religious freedom, life and conscientious objection, as well as the issue of immigration reform.”
Finally the statement notes that Pope Francis and President Obama spoke of a “common commitment to the eradication of human trafficking. Text from the Vatican Radio website.
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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Ukraine Economy and US Leadership at Stake
190 policy experts, business and academic leaders, and former Senate-confirmed appointees who had oversight responsibilities for organizations like the International Monetary Fund (IMF) and World Bank yesterday delivered a unified message to Congress: promptly enact IMF quota reform legislation. Fr. Seamus Finn, OMI signed the letter on behalf of the Missionary Oblates of Mary Immaculate. The Oblates have long supported New Rules for Global Finance, which works for fundamental reforms at the IMF.
The broad-based bipartisan letter to Speaker Boehner and Majority Leader Reid comes at a time when Congress is considering a $1 billion bilateral emergency assistance package for Ukraine to help the country stabilize its economy during its crisis with Russia. Senate Foreign Relations Committee Chairman Robert Menendez (D-NJ) and Ranking Member Bob Corker (R-TN) displayed the foresight and joint leadership to respond strongly to the Ukraine crisis by introducing the Ukraine relief bill, which includes the IMF quota reform legislation. Ukraine is also seeking IMF assistance directly.
Treasury Under Secretaries Tim Adams, David McCormick, David Mulford, and Jeffrey Shafer, and five IMF Executive Directors that served under Republican Administrations, among other former senior government officials, support the IMF reform legislation. “The IMF has played a crucial role in the global approach to recent financial crises and in navigating the world economy through severe threats. While the United States is on a path to recovery, threats remain…and the IMF has been called upon to support reform in Ukraine. In times like these, a financially strengthened and reformed IMF is in the U.S. interest,” notes the letter.
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