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Jubilee's Executive Director Eric LeCompte testifies before Congress on Puerto Rico's debt crisis

Feb 3 - Bi-partisan legislation launches to stop criminals and the corrupt from using anonymous shell companies to move dirty money into the United States.

Feb 2 Our executive director, Eric LeCompte, testifies at a congressional hearing on Puerto Rico's debt crisis. Read Eric's testimony and see coverage of the hearing and our views in El Nuevo Dia.

Jan 29 - Puerto Rico's government meets with investors to propose updates to a possible debt deal.

Jan 21 - Puerto Rico's government continues to cut services as its economic crisis worsens.

Jan 15 Presidential candidates from both parties want to end the practice of corporate "inversions" - which drains billions from US taxpayers.

Jan 13 Argentina begins negotiations with groups that sued the country for more than $1 billion after the country's 2001 default.

Read more of Jubilee's latest news.

BLOG THE DEBT

Puerto Rico's Humanitarian Crisis

Fall 2015 - With Puerto Rico's religious leaders, Jubilee USA is working to resolve Puerto Rico's economic and humanitarian crisis. Puerto Rico's 3.5 million residents are American citizens - their crisis is our crisis.

 

In August, the island's religious leaders called for Jubilee - debt relief, budget transparency and investment in Puerto Rico's people. They called on Congress and the White House to intervene. We organized high-level meetings for those leaders with the White House and Congress and joined them at the United Nations to call on funds that own Puerto Rico's debt to negotiate with the government.


Learn more about Puerto Rico's debt crisis and Jubilee USA's efforts and take action today - call on Congress, the White House and the US Federal Reserve to intervene in the crisis.

 

Jubilee's efforts are featured in NBC News, CBS News, TIME Magazine, Reuters, the Associated Press, the Los Angeles Times, Catholic News Service, National Catholic Reporter and thousands of news stories across the globe.

Jubilee Executive Director Eric LeCompte discusses Pope Francis' visit on MSNBC

Pope Francis and Poverty

September 2015 - Pope Francis' historic US visit focuses on building bridges to end global poverty. At the United Nations, Pope Francis urges world leaders to address the specific debt, tax and trade policies that drive global poverty, including "oppressive lending systems."

Jubilee's views on the Pope's visit are featured by MSNBCCNBC, the Miami HeraldFox News BusinessReutersVoice of America, and in thousands of news outlets around the country. 

Read Jubilee USA's thoughts on the "Jubilee Year" of mercy and Pope Francis' endorsement of a global bankruptcy process for countries.  

Debt Relief for Nepal

Spring 2015 - On April 25, a 7.8 magnitude earthquake struck Nepal, killing over 8,800 people and destroyed over 500,000 homes, 8,000 schools and 1,023 health centers. Nepal is one of the poorest countries in the world and owes $3.8 billion in debt, including about $1.5 billion each to the World Bank and Asian Development Bank. Thanks to Jubilee's efforts, Nepal is potentially eligible for $23 million in debt relief from the International Monetary Fund's new debt relief trust fund for countries impacted by natural disasters. We are running a campaign to win debt relief for Nepal from the IMF and to move the World Bank to create its own emergency relief fund and cancel Nepal's debt. Jubilee's views on Nepal appear in Bloombergthe International Business TimesReutersInter Press Service and more.

Ebola Debt Relief Victory

February 5, 2015 - Jubilee USA won $100 million in debt relief for Ebola-impacted West African countries from the International Monetary Fund (IMF) and a new IMF debt relief fund for countries struck by natural disasters or health crises.

Our Ebola debt relief campaign began in the summer of 2014, when we released data showing that Guinea - where the epidemic began - was spending more on debt than on public health. That fall, we moved the White House to ask the IMF for $100 million in Ebola debt relief and pointed out that the IMF already had a trust fund set up to cancel debt in times of crisis. We moved the IMF to create that fund after Haiti's devastating 2010 earthquake. Ebola, we argued, was a good reason to use it again. In October, 150 Jubilee faith communities acted and prayed for Ebola debt relief.

The IMF expanded its Haiti fund to include countries struck by health crises and designated 38 of the world's poorest countries eligible for relief. This fund is the culmination of 15 years of Jubilee's work to end extreme poverty and create permanent social safety nets for countries in crisis.

The Wall Street JournalReutersNational Public Radio's MarketplaceVoice of America and Catholic News Service feature Jubilee's views.

 

A Jubilee delegation met Pope Francis in May 2014. The "Jubilee" Pope has declared a Holy Year of Mercy.

Jubilee at the Vatican

Spring 2015 - On March 13, Pope Francis celebrated the second anniversary of his election to the Papacy. The Pope emphasized ending poverty and addressing global inequality. Our views on the "Jubilee" Pope are featured on National Public Radio's Marketplace. 

In May 2014, a global Jubilee delegation met Pope Francis and held extensive meetings with high-level Vatican officials. The delegation discussed debt, tax, trade and financial reform with Vatican Secretary of State, Cardinal Pietro Parolin and the president of the Pontifical Council for Justice and Peace, Cardinal Peter Turkson. Jubilee's work at the Vatican was featured in the National Catholic ReporterVatican News Network, Catholic News Service and ValueWalk.

UN Votes to Begin Global Bankruptcy Process

Fall 2014 - On September 9, 2014, the United Nations General Assembly voted overwhelmingly to begin work on a global bankruptcy process. That process - one of Jubilee's core issues since our founding - could make defaults less likely and halt predatory hedge funds. The resolution passed 124 - 11 with almost unanimous support in Latin America and Africa. Jubilee organized thousands of messages to United States UN Ambassador Samantha Power urging her to vote yes. In December, the UN reaffirmed the process with two more resolutions. Foreign Policy, the Guardian, International Business Times and ValueWalk featured our work.

Jubilee USA Filed an Amicus Brief to the US Supreme Court in March

The Debt Trial of the Century

Summer 2014 - On June 16, the US Supreme Court rejected Argentina's appeal for a hearing in the "Debt Trial of the Century." The case dates back to Argentina's 2001 debt default and pits the South American country against a group of predatory hedge funds seeking more than $1.5 billion. Jubilee USA filed an amicus brief to the high court this March, urging the court to take the case and noting the negative impact a ruling in favor of the predatory funds would have on poor countries, debt restructurings and legitimate investors. On July 30, Argentina defaulted. Jubilee USA's views on the case are featured in the Wall Street Journal, National Public Radio, the Financial Times, Time Magazine and more. Jubilee's executive director Eric LeCompte addressed the United Nations about the case in August.

A complete timeline of the case is available on our website.

Dr. Jim Yong Kim, President of the World Bank

Dr. Jim Yong Kim Touts Jubilee's Impact On Poverty

June, 2014 - At the 2014 RESULTS Conference, World Bank president Dr. Jim Yong Kim said, "Two of the most important impacts on growth in Africa over the last 5 years, which has been over 5%, no one expected it, has been 1) the Jubilee movement, debt relief...and 2) HIV treatment." 

Winning a Fair Debt Deal for Grenada and other Caribbean Nations

October 11, 2013 - Jubilee is working to get a fair debt deal for Grenada that will benefit its citizens. Eric traveled to Grenada this year to participate in negotiations between the IMF, Grenada government, international experts and civil society representatives. Read the letter Jubilee's executive committee sent to IMF Head Christine Lagarde. Learn more about the issue through Eric LeCompte's Op Ed in Inter Press Service and the original statement by Grenada's Conference of Churches.

Fueled by recurring financial crises, corruption and loans made to Caribbean countries in the aftermath of natural disasters, several Caribbean nations are suffering debt crises that have deep impacts on the poorest people. Jubilee is supporting a new Jubilee Caribbean Debt Relief Network in order to cancel debt and set precedents that can impact millions of people living in extreme poverty around the globe. Learn more in Jubilee's blog post, Winning a Fair Debt Deal for Caribbean Nations.

Jubilee for Students

July 9, 2012 - The President signs the bipartisan legislation to promote college affordability and protect low-interest college loans through the Transportation Bill.  Jubilee applauds the bipartisanship in Congress and we thank the President for his leadership and Republicans and Democrats who reached across the aisle to make this happen.  Read Jubilee's statement on the vote to protect college students and their families. 

Months before, Jubilee was mobilizing supporters and engaging Congress Members to protect low-interest rates for students and minimize future debt burdens on students before time ran out on July 1st, 2012.  We sent a letter to Senators and had a weekend of prayer and action.  Over 40 Jubilee Congregations and faith communities prayed and acted for students.  Over 1,600 supporters sent letters to their Senators.  Find out more about the communities that participated in the weekend of action and prayer.  

Read about Jubilee's work around the college student loan issue in Yes! MagazineCatholic News Service and Eric's blog in Sojourners which talks about his visit to the White House to hear President Obama speak on student loans.  And read our blog.

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