Puerto Ricans Gather at Diaspora Summit as Island Begins Bankruptcy Process

Puerto Ricans from across the United States and the Caribbean island are meeting in New York City to discuss ‎the island's economic crisis. The "Diaspora Summit II" is organized by Centro, a center for Puerto Rican studies based at Hunter College. The two-day event comes days ahead of the island's first scheduled bankruptcy proceeding.

"We've seen action on Puerto Rico because of the strong voice of the Puerto Rican community.” stated Eric LeCompte Executive Director of the religious development group Jubilee USA. LeCompte is addressing the summit on the Puerto Rico bankruptcy process and economic crisis. “We are grateful to Dr. Edwin Meléndez and the team at Centro for convening and informing the Puerto Rican community at such a critical time." 

US District Judge Laura Taylor Swain will preside over Puerto Rico's debt proceedings and scheduled an initial hearing in San Juan for Wednesday, May 17.

"Puerto Rico will not see economic growth until the island sees significant debt relief," noted LeCompte who will attend the opening of bankruptcy proceedings in Puerto Rico next week. LeCompte testified to Congress on the structure of the island's bankruptcy process and testified to the oversight board to activate the process. "Puerto Rico's bankruptcy process is a model for addressing financial crisis all around our world."

Event details about the Diaspora Summit II can be found here.

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Eric LeCompte Featured in The Tablet

Eric LeCompte, Executive Director of Jubilee USA was recently featured in The Tablet speaking on Puerto Rico. Read excerpt below and follow link to full article.

Bankruptcy Protection is a More Fair and Transparent Solution to Puerto Rican Debt Crisis 

By: Staff

"Eric LeCompte, executive director of Jubilee USA, a faith-based organisation that focuses on debt relief, called the filing a 'bankruptcy-like' step that was meant to protect Puerto Rico from creditors. The action, while posing short-term difficulties for Puerto Ricans, will protect vital social services, health care spending and school funding, LeCompte said."

Read more here.

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Eric LeCompte Featured in The Guardian

Eric LeCompte, Executive Director of Jubilee USA was recently featured in The Guardian speaking on Puerto Rico. Read excerpt below and follow link to full article. 

Puerto Rico Files for Bankruptcy in Last-Ditch Attempt to Sustain Public Services

By: Kate Hodal

“'If Puerto Rico were a country, it would be the 13th most indebted country in the world,' said Eric LeCompte, executive director of Jubilee USA, an NGO that focuses on debt relief.

'But this shows there really is some light at the end of the tunnel. This [bankruptcy] process is the first to deal with 100% of the [public] debt. It’s unique in that it may set a precedent for how sovereign debt can be renegotiated in the world.'" 

Read more here.

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Eric LeCompte Featured in National Catholic Reporter

Eric LeCompte, Executive Director of Jubilee USA was recently featured in National Catholic Reporter speaking on Puerto Rico. Read excerpt below and follow link to full article.

Puerto Rico Bankruptcy: Archbishop's Suggestion Becomes Forced Reality

By: Wallace J. de la Vega

"Eric LeCompte, executive director of Jubilee USA, a faith-based organization that focuses on debt relief, called the filing a 'bankruptcy-like' step that was meant to protect Puerto Rico from creditors.

The action, while posing short-term difficulties for Puerto Ricans, will protect vital social services, health care spending and school funding, LeCompte said."

Read more here.

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Eric LeCompte Featured in Normangee Star

Eric LeCompte, Executive Director of Jubilee USA was recently featured in Normangee Star speaking on Puerto Rico. Read excerpt below and follow link to full article. 

Assured, MBIA Sue Puerto Rico Board over Island Fiscal Plan

By: Madeline Patrick

“'This bankruptcy process is vital so Puerto Rico can receive the debt relief it was promised', said Eric LeCompte, executive director of Jubilee USA, which promotes debt forgiveness for poor countries." 

Read more here.

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Eric LeCompte Featured in Le Temps

Eric LeCompte, Executive Director of Jubilee USA was recently featured in Le Temps speaking on Puerto Rico. Read excerpt below and follow link to full article.

Porto Rico se déclare en situation de faillite

By: Staff

«Ce processus de faillite est vital pour que Porto Rico puisse recevoir l’allégement de sa dette qu’on lui a promis», a réagi Eric LeCompte, directeur exécutif de Jubilee USA Network, une organisation spécialisée sur la question de la dette des pays pauvres. Il pourra «ramener la dette à des niveaux soutenables, protéger les habitants les plus vulnérables et promouvoir la transparence», poursuit-il dans un communiqué.

"'This process of bankruptcy is vital for Puerto Rico to receive the debt relief it was promised,' said Eric LeCompte, executive director of the Jubilee USA Network, an organization specializing in the issue of countries' debt poor. It will 'bring debt back to sustainable levels, protect the most vulnerable people and promote transparency,' he said in a statement."

Read more here.

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Eric LeCompte Featured in AFP

Eric LeCompte, Executive Director of Jubilee USA was recently featured in AFP, Yahoo News, The Daily Mail, The Japan Times and Manilla Times speaking on Puerto Rico. Read excerpt below and follow link to full article.

Puerto Rico Seeks Bankruptcy Protection: Governor

By: Staff

"'This bankruptcy process is vital so Puerto Rico can receive the debt relief it was promised,' said Eric LeCompte, executive director of Jubilee USA, which promotes debt forgiveness for poor countries.

The 'process can bring the debt back to sustainable levels, protect vulnerable communities and promote transparency,' he added in a statement."

Read more here.

 

 

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Eric LeCompte Featured in NPR

Eric LeCompte, Executive Director of Jubilee USA was recently featured in NPR and Townhall speaking on Puerto Rico. Read excerpt below and follow link to full article.

Puerto Rico Eyes Options As It Faces Debt Deadline — Again

By: Camila Domonoske

"'It mirrors conventional bankruptcy processes that are ordered and arbitrated through a court system,' says Eric LeCompte, the executive director of Jubilee USA Networks, a religious development organization that supports debt relief and debt forgiveness.

The 'Title III' process, as it's called in PROMESA, allows Puerto Rico to address all of its debts at once, in a comprehensive process — which even Chapter 9 doesn't allow, LeCompte says. It's essentially a bankruptcy process custom-built for Puerto Rico's debt crisis."

Read more here.

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Blog: Congress, Protect Title III for Puerto Rico

By: Natalia Kolbjornsen

Eric LeCompte, Jubilee USA's executive director, wrote a letter to Congress urging them to protect the debt restructuring process created by the Puerto Rico Oversight, Management and Economic Stability Act (Public Law No 114-187, “PROMESA”).

He has been deeply involved in negotiations, both to enact PROMESA last year, and to implement it. In this letter, LeCompte urges Congress to make sure that any Continuing Resolution or omnibus bill does not weaken Puerto Rico’s bankruptcy protection or existing Title III process. LeCompte and faith leaders on the island stressed the staggering percentage of children that are living in poverty and the need for a bankruptcy process to allow for economic growth and poverty alleviation.

Read Eric LeCompte’s letter to Congressional leadership.

Join Eric and call your representatives to ask them to defend Puerto Rico's bankruptcy access.

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