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.

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.

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.

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.

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.

Eric LeCompte, Executive Director of Jubilee USA was recently featured on speaking on Puerto Rico. Follow link to full audio clip. 

Puerto Rico Files For Bankruptcy

Listen here.

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.

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.

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.

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's Creditors Push Congress to Stop Bankruptcy Process

By: Michael Sean Winters

"'We've kept Puerto Rico on Congress' agenda, even though Congress is pretty distracted with other issues,' LeCompte told NCR. 'We've been moving forward bipartisan recommendations to provide the same health care financing and child tax benefits to American citizens in Puerto Rico that citizens receive in the 50 states. This is important because we need more financing for Puerto Rico to ensure average people are protected as Puerto Rico restructures its debt.'

'Some of the creditors are back in full force on Capitol Hill, and they are trying to stop the bankruptcy process. There even have been efforts to delay health care and‎ child benefit financing by some of the creditors,' LeCompte added. 'Some of the creditors are desperate because they will profit less with an orderly bankruptcy process that protects interests of the people on the island. As always we see Members of Congress on both sides of the aisle influenced by the powerful creditor lobby. But I still have great hope and know we will win because both Republican and Democratic leadership firmly supports our efforts for the people of Puerto Rico.'"

Read more here.

"The board must immediately vote for the bankruptcy process," stated Eric LeCompte, executive director of the religious development organization Jubilee USA. LeCompte worked on Puerto Rico debt legislation and testified before the board in November. "If they don't authorize the bankruptcy process predatory creditors could buy debt and endless litigation begins."

The child poverty rate on Puerto Rico is almost 60% and it faces a Medicaid funding gap of $650 million this year. Puerto Rico has a fiscal plan that includes austerity measures.

A statement released Tuesday by Archbishop Roberto González from the Catholic Archdiocese of San Juan de Puerto Rico and Reverend Heriberto Martínez, the head of the Puerto Rico Bible Society urges the oversight board to move the island into this bankruptcy process.

"We restate our encouragement and support for Puerto Rico's Governor and the oversight board to authorize the Title III bankruptcy process by April 28th before debt lawsuit protections expire," note Archbishop González and Reverend Martínez. "If the oversight board and Governor do not act by April 28th, we fear that Puerto Rico could be held hostage by predatory actors and 'vulture' funds."

Read the statement from Archbishop González and Reverend Martínez' in English, en español

Before May, protections expire that shelter Puerto Rico from debt lawsuits and predatory financial groups popularly known as "vulture" funds. The Catholic Archbishop of San Juan and Puerto Rico's Bible Society head are calling on the island's governor and oversight board to immediately activate a bankruptcy process designed by Congress.

"We restate our encouragement and support for Puerto Rico's Governor and the oversight board to authorize the Title 3 bankruptcy process by April 28th before debt lawsuit protections expire." notes a statement released Tuesday by Archbishop Roberto González from the Catholic Archdiocese of San Juan de Puerto Rico and Reverend Heriberto Martínez, the head of the Puerto Rico Bible Society. "If the oversight board and Governor do not act by April 28th, we fear that Puerto Rico could be held hostage by predatory actors and 'vulture' funds."

Last summer, Puerto Rico emergency debt crisis legislation was passed by Congress. The legislation included temporary protections from debt lawsuits and a bankruptcy process designed to restructure all of the island's debt.

"The bankruptcy process designed by Congress is a very powerful tool. It is really the only process that has the ability to restructure every dollar of debt," explained Jubilee USA's executive director Eric LeCompte. LeCompte worked on the legislation and advises Puerto Rico's religious leaders. "Puerto Rico's time is almost up and it is the responsibility of the oversight board to now authorize the bankruptcy process."

In November, LeCompte testified to the oversight board and urged them to move forward the Title 3 bankruptcy process if debt negotiations fail. As the May deadline approaches, religious leaders on the island are warning that vulnerable communities can face more suffering if the oversight board and governor fail to act. The Catholic Archbishop and Evangelical leader have consistently raised the alarm on the crisis since the summer of 2015.

"New austerity programs are being forced on our people and we must now receive the debt relief we are promised. It is immoral and unethical for any person or group to attempt to deny our people access to promised debt relief processes," write González and Martínez in their statement. "We continue to hold in prayer everyone who is affected by this crisis whether they are our creditors or our children."

Read the statement from Archbishop González and Reverend Martínez' in English, en español.