Economic Justice

Argentina Battles in Two World Cups

 

IMF Reviews International Financial Crises Solutions

Behind closed doors, International Monetary Fund (IMF) Executive Board Members are reacting to solutions prepared by IMF staff aimed at preventing global and regional financial crises. Part of the focus stems from G20 concern over extreme predatory behavior on global finance and the precedent set in the related pending Supreme Court case of Argentina vs NML Capital.

Supreme Court Justices Consider Hearing Argentina Hedge Fund Debt Case

 

G7 Focuses on Ukraine and Global Financial Stability

The G7 is meeting in Brussels for its annual summit. Initially Russia planned to host the conference, but G7 leaders excluded Russia's participation over the crisis in Ukraine. In addition to the situation in the Ukraine, the agenda will feature conversations on debt restructuring, development and global financial stability.

Argentina Files Final Response Urging Supreme Court to Accept Predatory Hedge Fund Debt Case

Argentina filed its final Supreme Court response to hedge fund NML Capital urging the high court to take the case that the Financial Times calls "the debt trial of the century." Jubilee USA filed an Amicus Curiae brief in March noting that the precedent in the case will impact debt restructurings, poor country access to credit and debt relief programs designed to help people living in extreme poverty. The US government and the International Monetary Fund support Argentina. On June 12th, the Supreme Court is scheduled to discuss whether or not it will hear the case.

"We've finally reached the end game in the Argentina NML debt case," said Eric LeCompte, Executive Director of the religious antipoverty group, Jubilee USA Network. We pray the Supreme Court will take the case as it will impact people living in extreme poverty around the globe."

Last week LeCompte met Pope Francis and presented the Holy Father Jubilee USA's Supreme Court filing in support of Argentina.

 
 
 
 
 
 

 

 

Global Jubilee Movement Meets Pope Francis

Pope Francis welcomed members of the global Jubilee movement to the Vatican on Wednesday as they were received for high level meetings with Vatican Secretary of State Cardinal Pietro Parolin and Cardinal Peter Turkson, head of the Pontifical Council for Justice and Peace. The Catholic Church, various Christian Churches, Jewish groups and trade unions founded the global Jubilee campaign that successfully cancelled more than 130 billion dollars in sovereign debt and has won tax policies to benefit people living in the poorest countries of the world.

"The Catholic Church was a founder of the global Jubilee movement and is a vital partner in joint efforts to build an economy that serves and protects the poor," noted Eric LeCompte, Executive Director of the interfaith antipoverty organization known as Jubilee USA Network. "During our meetings we discussed how debt burdens, corporate tax avoidance and destructive trade polices trap hundreds of millions of people in extreme poverty."

In the tower of the Papal Palace, Vatican Secretary of State Cardinal Pietro Parolin formally received Jubilee USA and global Jubilee counterparts from Africa, the Caribbean and Europe. They discussed a range of common interests from curbing corporate tax avoidance to making big banks and the International Monetary Fund (IMF) more transparent. The groups highlighted the critical interfaith efforts to establish an international bankruptcy process for countries and the formation of the Caribbean Debt Network to combat a new wave of IMF austerity measures on the small islands.

"Cardinal Parolin is a very holy person. Not only did he affirm our efforts, but more importantly he noted the great importance of Jubilee's interfaith efforts that bring Muslims, Jews and Christians together to end extreme poverty," shared LeCompte.

During the audience with Pope Francis, the global Jubilee movement presented several gifts, including an official copy of Jubilee USA's Supreme Court filing in the case between Argentina and predatory hedge funds. The case will impact people living in extreme poverty around the world.

"Pope Francis is challenging the policies that keep people poor. He is an important ally in efforts to stop austerity policies and to encourage corporations to pay their taxes," said LeCompte. 

Jubilee USA Network is an alliance of more than 75 US organizations, 400 faith communities and 50 Jubilee global partners. Jubilee's mission is to build an economy that serves, protects and promotes participation of the most vulnerable. Jubilee USA has won critical global financial reforms and more than $130 billion in debt relief to benefit the world's poorest people.  www.jubileeusa.org

 
 
 
 
 
 

 

Caribbean Religious Leaders Demand Debt Forgiveness

 

Supreme Court Hears Argentina Predatory Hedge Fund Discovery Case

 

Supreme Court Hears Argentina Predatory Hedge Fund Discovery Case High Court Decision to Hear Broader Landmark Debt Case Pending

 On Monday, the Supreme Court hears arguments between Argentina and holdouts who refused two debt restructuring deals after Argentina defaulted on its debts in 2001. The Supreme Court Justices will determine if predatory hedge fund, NML Capital can obtain information from US Banks that reveal Argentina's holdings in order to target those assets for debt payments. The Obama Administration is siding with Argentina in the case. In the summer, the Supreme Court will also decide if it will hear a much broader case between Argentina and the hedge funds that impacts extreme poverty, official US debt policy and country debt restructuring.

 

IMF Annual Meetings Focus on High Debt Burdens and Global Inequality G24 Concerned with IMF Quotas and SCOTUS Argentina Case

 The annual International Monetary Fund (IMF) and World Bank meetings are focusing on the role of high debt burdens in both global economic recovery and increasing inequality. At the onset of the meetings, the G24 released an IMF statement noting that the IMF's failure to implement quota reform and the outcome of the US Supreme Court Argentina/NML Capital case impacts global inequality.

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