Isabelle Johnson

  • The Bond Buyer References Eric LeCompte on the Future of Puerto Rico's Debt

    The Bond Buyer referenced Eric LeCompte in an article on the future of Puerto Rico's debt following House Bill 1003, a new bond restructuring which is likely to pass through Congress next week. Read an excerpt below and the full article here. 

    Questions remain about Puerto Rico deal's viability

    When observers were asked if Puerto Rico would be able to afford the deal in the long term, most expressed skepticism. “Strategically speaking, it is a smart move from the [board],” said Fernós Sagebien. “This places the entire burden on the Puerto Rico’s two branches of government [executive and legislative] responsible for the budget as they are now forced to identify nonexistent free cash flow in order for Office of Management and Budget to honor the full pension expenditure.

    He said the deal was not affordable and “I don’t believe any of the three parties (Federal Oversight and Management Board, executive branch, and legislative branch) involved care. They all know time is of the essence and we are running out ... they have proven unfit to serve. The citizens of Puerto Rico feel like this is like in Evolutionary Game Theory’s ‘Red Queen's race’: ‘constantly running but remaining in the same spot.’”

    Marxuach said the feasibility of the deal could be measured using economic development tools or simply through examining whether it would prevent hunger, provide a good education, decent healthcare, and a reasonable livelihood for the elderly.

    “I fear though that Judge Taylor Swain has a strong incentive to approve a plan, any plan,regardless of whether or not it is the best plan for Puerto Rico and the current circumstances,” Marxuach said. “She was appointed to this job by Chief Justice [John Roberts, Jr.] so it is in her professional interests to confirm a plan and put an end to this long process. The risk is that a whole generation of Puerto Ricans would be paying the price of living with a ‘good enough’ plan for decades to come.”

    Jubilee USA Network Executive Director Eric LeCompte said, “If not enough debt was cut and revenue plans fail, Puerto Rico will likely default again in a few years. Growth assumptions seem unrealistic, austerity slows growth and Medicare and other federal monies are not certain."

    Read more here. 


  • Participating Communities - Jubilee Weekend 2021: A COVID Response that Shares Medicine, Ends Poverty and Protects our Planet

    Participating Communities

    Jubilee Weekend 2021: A COVID Response that Shares Medicine, Ends Poverty and Protects our Planet

    Arlington Community Church - Berkeley, CA
    Ascension Lutheran Church - Thousand Oaks, CA
    Athens Catholic Community - Athens, OH
    Benedictine Sisters of Perpetual Adoration - Clyde, MO
    Bernardine Franciscan Sisters - Chester, PA
    Bethlehem Lutheran Church - Encinitas, CA
    Capitol Heights Presbyterian Church - Bailey, CO
    Caritas Zambia - Lusaka, Zambia
    Catholic Theological Union - Chicago, IL
    Chestrad Global - London, United Kingdom
    Christ Presbyterian Church - Carlsbad, CA
    Christian Life Community - Baltimore, MD
    Church of Reconciliation - Chapel Hill, NC
    Clerics of St. Viator - Arlington Heights, IL
    Jubilee Albany Capital Region New York - Albany, NY
    Congregation Gates of Heaven - Schenectady, NY
    Crossroads UCC - Indianola, IA
    Daughters of Charity of St. Vincent de Paul Province of the West - Santa Barbara, CA
    David's United Church of Christ Liberty - Township, OH
    Dominican Leadership Conference - New York City, NY
    East County Shared Ministry – ICCCC - Pleasant Hill, CA
    Fairmount Presbyterian Church - Cleveland Heights, OH
    First Congregational Church of Chicago UCC - Chicago, IL
    First Congregational Church of Santa Barbara - Oceanside, CA
    First Presbyterian Church - Portland, OR
    First United Church of Christ - Galion, OH
    First United Methodist Church - Missoula, MT
    Franciscan Sister - San Bruno, CA
    Friends in Solidarity - Silver Spring, MD
    God Given People - Silver Spring, MD
    Grey Nuns of the Sacred Heart - Philadelphia, PA
    Hazel Crest Community UMC - Crestwood, IL
    Hephatha Lutheran Church - Milwaukee, WI
    Holy Cross Parish - Philadelphia, PA
    Holy Spirit Missionary Sisters, USA-JPIC - Northfield, IL
    Institute of Analysis and Advocacy - Poltava, Ukraine
    Itav project 48 Foundation Inc - Douglasville, GA
    Lakeshore Avenue Baptist Church - Oakland, CA
    Leadership Conference of Women Religious - Silver Spring, MD
    MCCJ - Butembo, DRC
    Missionary Society of Saint Columban - Minamiashigara, Kanagawa, Japan
    Muslims for Economic Justice - Farmington Hills, MI
    National Advocacy Center of the Sisters of the Good Shepherd - Silver Spring, MD
    National Association of African Catholics in the U - Silver Spring, MD
    Nevada City (CA) United Methodist Church - Nevada City, CA
    New Hope Collaborative - New Orleans, LA
    Open Society Foundations - Washington, DC
    Pax Christi USA - North Liberty, IA
    Peace Lutheran Church - Danville, CA
    Pilgrim Congregational UCC - Sawyer, MI
    Placentia Presbyterian Church - Placentia, CA
    Presbyterian Disaster Assistance - Louisville, KY
    Presbytery of the Pacific - Los Angeles, CA
    Public Service Workers' Union of Ghana
    Rural Infrastructure and Human Resource Development Organization - Peshawar, Pakistan
    Saint Mark’s Episcopal Cathedral - Clyde Hill, WA
    San Diego Regional Interfaith Collaborative - National City, CA
    San Dieguito United Methodist Church - Leucadia, CA
    Sisters of Charity of Nazareth - Nazareth, KY
    Sima Community Based Organization - Kitale, Rift Valley, Kenya
    Sister of Charity of Seton Hill - Uniontown, PA
    Sisters of Charity Federation - New York, NY
    Sisters of Charity of New York - Bronx, NY
    Sisters of Charity of Seton Hill - Bethel Park, PA
    Sisters of St. Francis - Dubuque, IA
    Sisters of St. Francos of Philadelphia - Aston, PA
    Sisters of St. Joseph of Chambéry - Newington, CT
    Sisters of St. Martha of Prince Edward Island- Canada - PEI, Canada
    Society of Helpers - San Bruno, CA
    Society of the Sacred Heart USC - Washington, DC
    St Luke Lutheran Church - Portland, OR
    St Pius x - Portland, OR
    St. Alban's Episcopal - Albany, CA
    St. Benedict's Monastery - St. Joseph, MN
    St. John's Episcopal Church, Chicago - Chicago, IL
    Temenos Catholic Worker - San Francisco, CA
    Temple Beth Israel - Eugene, OR
    The Larry Ellis Ealy Foundation - Dayton, OH
    The River Church South - Marshfield, WI
    Trinity Episcopal Church - Charlottesville, VA
    United Christian Church - Austin, TX
    United Church of Christ - Washington, DC
    United Church of Christ, Justice and Witness Ministries - Washington, DC
    United Methodist - Bath, MI
    Uniting Church in Australia, Synod of Victoria and Tasmania - Parkville, Australia
    Universal Alliance - Fowey, United Kingdom
    Unitarian Universalist Fellowship of Hidalgo County, Texas - Alamo, TX
    Village sans Frontière pour les Actions de Développement (VISFAD) - Conakry, Guinea
    Willow Empowerment For Grassroot Development Initiative - Lagos, Nigeria


  • Associated Press Cites Eric LeCompte on the IMF's COVID Economic Recovery and Inflation Prediction

    Associated Press cited Eric LeCompte in an article discussing the IMF's warning that rising inflation will harm economic recovery from the COVID pandemic. Read an excerpt below and the full article here.

    IMF warns economy recovery threatened by virus, inflation

    By Martin Crutsinger

    Critics have cited the incident to support their contentions that China and other nations are seeking to exercise improper influence over the IMF, the World Bank and other international financial institutions.

    Yellen said the IMF and the other organizations need to find ways to enhance the rights of whistleblowers.

    “The United States will monitor developments closely and evaluate any new facts and findings should they become available,” Yellen said.

    Anti-poverty groups on Thursday expressed disappointment that the IMF was not more specific on how the agency plans to boost vaccination rates and provide increased resources to fight climate change.

    “Given how the pandemic is becoming worse in most of the world's countries, I'm concerned by the lack of action at the meetings on vaccine distribution, debt relief and general pandemic response,” Eric LeCompte, executive director of the religious development group Jubilee USA Network, said in a statement.

    “It's baffling that we still don't have plans for the funding and distribution of vaccines to reach all developing countries,” LeCompte said.

    Read more here.


  • Jubilee USA Statement on Global Financial Stability Report

    Washington DC – The IMF releases the 2021 Global Financial Statement Report.

    Eric LeCompte, Executive Director of the religious development group Jubilee USA Network and a United Nations finance expert who monitored IMF meetings since 2010, releases the following statement on the IMF's Global Financial Stability Report and the upcoming IMF meetings:

    "Rising COVID infections, growing uncertainty around pandemic solutions and inflation cloud the stability of the global economy.

    "Developing country debt could spike if wealthy economies raise interest rates.

    "Developing countries are already paying higher interest rates due to COVID pressures on their budgets.

    "The IMF highlights that climate change is a significant risk to long-term economic stability.

    Read the Jubilee USA Statement on IMF World Economic Outlook Report here.
     
    Read the Jubilee USA Statement on Global Financial Stability Report here.

  • Reuters Quotes Eric LeCompte on IMF Head Kristalina Georgieva's Curtain-Raiser Speech

    Reuters mentions Eric LeCompte on IMF director Kristalina Georgieva's "curtain-raiser" speech at the IMF Civil Society Policy Forum. Read an excerpt below, and click here for the full story.

    IMF trims 2021 GDP forecast, citing 'vaccine divide,' inflation

    By Andrea Shalal

    Inflation pressures, a key risk factor, were expected to subside in most countries in 2022 but would continue to affect some emerging and developing economies, she said, warning that a sustained increase in inflation expectations could cause a rapid rise in interest rates and tighter financial conditions.

    "High debts, soaring food prices and lack of vaccines are the greatest threats facing developing countries," said Eric LeCompte, executive director of the religious development group Jubilee USA Network. "We are counting economic losses in the trillions if developing countries can't access vaccines."

    Georgieva said central banks could generally avoid tightening for now, but they should be prepared to act quickly if the recovery strengthened faster than expected or risks of rising inflation materialized.

     

    Read more here.


  • Eric LeCompte mentioned by NPR & WITF on Biden's COVID-19 summit

    Eric LeCompte was mention by NPR in a story covering President Biden's COVID-19 summit and rich nations' role in mitigating vaccine inequity. Listen to the full story and read the accompanying article here.   

    The U.S. is donating more COVID vaccines and wants other rich nations to pitch in

    By Tamara Keith/NPR

    Biden defended the U.S. response, saying his first responsibility was to make sure Americans were protected, and arguing that the U.S. donations have been generous. “For every one shot we’ve administered to date in America, we have now committed to do three shots to the rest of the world,” Biden said.

    The new tranche of Pfizer doses will be manufactured in U.S. plants and will be bought at a “not-for-profit” price, the officials said. Most U.S. vaccine shipments — 800 million doses — will ship between January and September 2022.

    Read more here.