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Victory Against Vulture Funds! July 23rd, 2012
Jubilee USA Stopped Vulture Funds in New York State; Courts Stopped Them in the UK
In June, Jubilee USA – of which OMI JPIC is a member – launched a campaign to stop vulture fund legislation from passing in the New York State Legislature. Vulture funds were attempting to get Bills through that would have promoted and protected vulture funds in New York State courts, making it easier for vultures to litigate against poor countries.
Jubilee mobilized more than 4,000 New York Jubilee members to take action, calling and writing their Assembly Members and Senators to stand with the poor and not with the hedge funds.
The Wall Street Journal’s Jacob Gersham wrote how important this work was: “The path became trickier for Elliott on Friday, when an alliance of religious groups that supports debt relief for developing nations, Jubilee USA Network, entered the fray by issuing a mass alert about the bill. It said the proposed law could be wielded in poorer regions and “litigate poor countries into submission.” Read the full article in the Wall Street Journal.
UK Courts Rule Against Vulture Funds, Support DR Congo
In a surprise decision in the Jersey Isles, the UK’s Privy Council overturned a prior ruling, siding with the Democratic Republic of Congo against vulture fund FG Hemisphere. FG Hemisphere was seeking $100 million from the DRC for a debt the vulture fund bought for just $3 million. While having initially lost the case, the DRC has won on final appeal. While the UK passed a law in 2010 limiting the amount a vulture fund could claim from impoverished countries, it did not apply to crown protectorates, like Jersey, where vultures funds could still pursue cases. This decision was pleasantly unexpected and a cause for celebration.
UNCTAD Mandate on Debt Relief Sustained May 3rd, 2012
Eric LeCompte, Jubilee's Executive Director at UNCTAD meetings in Doha, Qatar on April 23-26
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. …”
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Fall 2010 Issue of the JPIC Report Available October 10th, 2010
Read the new issue of the JPIC Report. If you are not receiving a hard copy in the mail and would like to, please contact the JPIC Office by emailing Rowena Gono.
Read the Fall 2010 JPIC Report (Download PDF)
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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