Pensions & Investments Quotes Jubilee USA Director on Puerto Rico Debt Deal

Eric LeCompte, Executive Director of Jubilee USA, recently spoke with the Pensions & Investments about the recent COFINA debt deal on Puerto Rico debt. Read an excerpt below and follow this link to the full article.

First Puerto Rico debt restructuring deal approved for COFINA

Civil rights, faith-based, labor and advocacy organizations are pressing for more debt-reduction agreements. "The math isn't adding up. If plans to restructure the remaining debt fail to cut the majority of the island's debt load, Puerto Rico can't see sustained economic recovery and growth," said Eric LeCompte, executive director of Jubilee USA, a network of community organizations and faith communities.

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Eric LeCompte Talks to El Nuevo Dia about Puerto Rico

Eric LeCompte, Executive Director of Jubilee USA, recently spoke with the El Nuevo Dia about the recent COFINA debt deal on Puerto Rico debt. Read an excerpt below and follow this link to the full article.

Grupos cívicos alarmados con la aprobación del acuerdo de Cofina

"Nos preocupa que no se reduzca suficiente dueda y que la gente de Puerto Rico, como consecuencia, cargue con un alto peso de austeridad", indicó el director ejectivo de Jubilee USA, Eric LeCompte. 

Para Jubilee USA, una coalición religiosa que ha estudiado el tema de la deuda pública puertorriqueña y otros países, si no se logra reducir "la mayor parte de la carga de la deuda de la isla, Puerto Rico no puede ver una recuperación económica sostenida."

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El Nuevo Dia Highlights Eric LeCompte's Puerto Rico Views

Eric LeCompte, Executive Director of Jubilee USA, recently spoke with the El Nuevo Dia about the effect of the shutdown on Puerto Rico. Read an excerpt below and follow this link to the full article.

Pelosi rechaza la “crueldad” de querer bloquear fondos a la isla

“El acceso a los alimentos para las familias pobres no debe ser utilizado como un instrumento de negociación política en las negociaciones presupuestarias y el cierre parcial del gobierno federal. Puerto Rico está atrapado en deuda y en la reconstrucción después del impacto de huracanes. Cortar los subsidios alimentarios a los pobres es simplemente inhumano", indicó, por su parte, Eric LeCompte, director ejecutivo de la red Jubilee USA.

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Eric LeCompte Featured by Profiles in Catholicism

Eric LeCompte, Executive Director of Jubilee USA, recently spoke with Profiles in Catholicism about the history of his work at Jubilee USA and Jubilee USA's current campaigns. Read an excerpt below and follow this link to the full article.

An Interview with Eric LeCompte

Gordon: When were you appointed as Executive Director of Jubilee USA Network, and what have been some of the most rewarding experiences that you have had to date?

Eric: I took over the reigns of Jubilee USA in April 2010. Working at Jubilee USA is a fulfillment of my Catholic vocation. The most rewarding experience of my career is working with, supporting and advising Catholic and other Christian, Jewish and Muslim leaders. Working with the Bishops and Catholic religious orders of the United States, Caribbean, Puerto Rico, Africa, and Latin America as well as major interfaith leaders in all of these regions can only be described as a gift.

Together this interfaith work has had unprecedented results. We’ve moved forward major policies to address the structural causes of poverty - debt, tax, and trade issues. In Africa, our efforts brought aid and debt relief monies to confront the Ebola epidemic that hit Sierra Leone, Liberia and Guinea. We created a new process at the International Monetary Fund that strengthened healthcare and built new hospitals across the region.

In the Caribbean, we rallied religious leaders to deal with financial crisis and high poverty rates head on. In Puerto Rico, our work with religious leaders yielded new processes to address the 60 percent child poverty rate.

Globally, our work at Jubilee USA with the Holy See and interfaith religious partners won policies to address the causes of poverty worldwide. Together, we won new global policies to stop the exploitive behavior of vulnerable communities and decreased global corruption. It's been our efforts that called attention to the financial crisis and the reality that developing countries can't deal with poverty without dealing with high debt loads, budget transparency and tax evasion.

At the same time, the great reward of supporting and working with Catholic and other religious leaders in every corner of our world has also met challenges. While our successes together are myriad, our work must continue to address the root causes of poverty.

The same causes of poverty also spur inequality, human rights abuse, terrorism, war, and environmental degradation. I admire the teaching of our Holy Father who frames all of these issues in the economic issues that I am privileged to work on.

Gordon: You have been a tireless advocate for the reduction of poverty globally. Poverty may have a different connotation in different parts of the world. Please share your definition of poverty with our readers.

Eric: Global standards assume that anyone living on less than $1.90 a day lives in extreme poverty. But in the simplest of terms, poverty is not having enough healthy food to eat or receive basic education or health-care or have access to decent shelter. In every country of the world and on every continent, there are severe forms of need and extreme poverty.

As a Catholic and as someone who works on the causes of poverty, we can not separate these issues from the causes of inequality. The wealthiest 80 people in the world have more wealth the half of the world's population. 80 people on earth own more than the bottom 3.6 billion people in the world. The causes of poverty, that I work on, are debt, tax, trade, and transparency policies. It's why our work at Jubilee USA Network is so incredibly important.

Gordon: What are our moral obligations as Catholics to address poverty?

Eric: Our faith requires us as a moral obligation to not only be charitable but to address the primary causes of poverty. As Catholics, scripture and Catholic doctrine and the Holy Father call us to do everything in our power to end poverty.

The Catholic Church is at the forefront of articulating that we can not end poverty without addressing the structural causes of poverty.

Gordon: In your opinion and based on your testimony to the US Congress, how has the United States addressed the support of the people in need in Puerto Rico?

Eric: I think that the US Government has addressed the situation of Puerto Rico in a range of ways. I testified several times before Congress met with Puerto Rico’s former and current Governor and testified to the Congressionally installed oversight board of Puerto Rico. My message, rooted in Catholic teaching, is that it is imperative for decision makers to protect the vulnerable, limit austerity policies, protect the environment and reduce the nearly 60 percent child poverty rate on the island.

Our message is met with many responses. Both positive and negative.

Puerto Rico remains a colony of the United States and as such, decisions the US Government makes impact Puerto Rico. The Catholic Church, the Archbishop of San Juan and Caritas has been heroic in their advocacy for Puerto Rico’s people. Working with the Catholic and other interfaith religious groups on the island has brought a strong response from the Obama and Trump White Houses as well as Republican and Democratic leadership. The partnership of the US Conference of Catholic Bishops has also been instrumental.

Because of our role with Catholic partners, we won a process to restructure the debt and reduce austerity. We’ve won rules for preferential treatment of poor communities. At this point, we’ve won more than 40 billion dollars in hurricane aid. We’ve ensured that policies are in place so Puerto Rico can rebuild to withstand the next storm.

With that noted, we still face enormous challenges. Creditor groups are successfully preventing positive debt restructuring and the island needs another 80 billion in aid. Our work as Catholics to lift and defend the people of Puerto Rico is so essential now and must continue.

Gordon: As a member of expert working groups to the United Nations Conference on Trade and Development (UNCTAD) and the United Nations Human Rights Office of the High Commissioner, what is your experience can nations do to more effectively deal with life-threatening poverty wherever it occurs?

Eric: Life-threatening poverty is caused by structural policies. Debt, tax, and trade policies are why resources are poorly distributed and why poverty exists. It's why Catholic teaching is so important in terms of going beyond the important works of charity and working towards acts of justice. Our Savior reminds us of this when he declares the year of the Lord’s favor or the year of Jubilee, in his first public act in Luke’s gospel. He reiterates the call of the prophets: in order to live in harmony with one another, we must act for justice.

Countries must go beyond giving aid, we need to implement policies that will end poverty. The developing world loses a trillion dollars a year because of tax evasion and corruption. Countries around the world lose hundreds of billions annually because of a lack of public budget transparency and irresponsible borrowing. For every 1 dollar in aid developing countries receive, they lose 5 dollars in debt payments. At the United Nation, the IMF and in every country in the world, we can change these policies. Even minor shifts will release hundreds of millions of people from the bondage of poverty.

Gordon: You address the diverse challenges of religion, politics and economics often in the Wall Street Journal, the Washington Post, the Associated Press, Bloomberg, McClatchy News Service, National Public Radio, Agence-France Presse, Market Place, CNN Money, the Financial Times and The Hill. What issues have resulted in the most feedback?

Eric: Sharing the Gospel with the media is critical for our efforts. Because we raise these issues in the mainstream media, there is a broader understanding of the actual structures that create global poverty.

Many of us don't realize how issues like debt, tax, and trade are the source of inequality and poverty. These issues impact our lives almost as much as the very oxygen we breathe. The media, just like most of us, is yearning to understand and communicate these issues. It's how why we spend so much time engaging with them.

Gordon: Jesus asked us to live our neighbor as ourselves Considering we are members of a global community and a global religion, who is our neighbor?

Eric: In our global community, we are all neighbors. In this global economy, what happens to one of us impacts all of us. We are called to love our neighbors, no matter who they are or where they call home.

Gordon: Thank you for this exceptional interview.

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Eric LeCompte Speaks to National Catholic Reporter on The Effects of Hurricanes on Small Islands

Eric LeCompte, Executive Director of Jubilee USA, recently spoke with the National Catholic Reporter about the financial effects of hurricanes on islands in the Caribbean. Read an excerpt below and follow this link to the full article.

Post-disaster tourism, volunteering boost local island economies

The impact extended to a number of islands throughout the Caribbean, including the U.S. Virgin Islands, Dominica, Barbuda and St. Martin. All were "greatly affected," said Eric LeCompte, executive director of Jubilee USA, an interfaith alliance of non-profit organizations seeking to address structural and financial causes of poverty and inequality. The financial toll was even worse for islands whose economies are largely reliant on tourism.

"It's a double whammy when natural disasters strike in these areas because not only is an island or a country struggling to recover, they're also wrestling with losing their main form of income," LeCompte said.

Making matters worse is that a number of islands hit by hurricanes were countries and territories already facing financial and debt crises, LeCompte said. That left many ill-prepared to fortify infrastructure for a major storm, much less deal with the aftermath.

 "These islands were already in a very tough spot before the hurricanes came. And now all of those problems have been compounded," he said.

While most of the major debris brought by the hurricanes has been cleared and power was fully restored as of July, power outages continue in some parts, LeCompte said, and electrical access is more intermittent the farther you travel into the island's more rural regions. Those areas also face clean water issues and have older buildings and structures still dotted with the government-provided blue tarps.

While images of a recovering region can leave some skittish of traveling there, LeCompte said it's important to remember that the storms, earthquakes or other destructive events often don't usher in impoverished conditions, but rather exacerbate inequality that existed beforehand. Given that, he suggested travelers shouldn't hesitate to travel to these destinations, "and even choose these areas, because they are so in need of income."

In spite of challenging circumstances, whether brought by extreme weather or economic inequality, the Jubilee USA official said people he and others have met in Puerto Rico and elsewhere in the Caribbean continually invite them to come back and visit again — and to bring their families. To help overcome any feelings of guilt, he encourages tourists to experience the local culture outside of beach resorts, to better learn about local life, challenges and all.

"People are very hospitable and want to be able to teach and show people what's special about the place that they live," he said.

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Eric LeCompte Talks to Global Capital on African Debt

Eric LeCompte, Executive Director of Jubilee USA, recently spoke with Global Capital on growing debt burdens in Africa. Read excerpt below and follow link to full article.

Debt-laden African states ill-prepared for next crisis

Eric LeCompte, executive director of Jubilee USA Network, said African markets were now much more connected to the rest of the world than during the previous financial crisis.

"The types of debt that different countries have today did not even exist in Africa 10 years ago. Africa will not be insulated from the next crisis," he said. "The poorest countries are already back in debt, and now we even see wealthier countries like Nigeria, Kenya which are dealing with serious debt issues."

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Eric LeCompte Speaks to Koran Jakarta on IMF Economic Projections

Eric LeCompte, Executive Director of Jubilee USA, recently spoke with Koran Jakarta on IMF economic growth projections. Read excerpt below and follow link to full article.

IMF cuts Indonesia's growth projection to 5.1%

Responding to the IMF projection, Jubilee USA Executive Director, Eric LeCompte, stated the importance of looking at the decline in economic growth from 3.9 percent to 3.7 percent. "From the report, it reminds us that the economic imbalance is again a serious problem and that there is no guarantee that there will be a sense of security from the financial crisis," said LeCompte.

"We see the emergence of unsustainable speculation and debt habits as potential that can trigger a financial crisis," he added.

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Eric LeCompte Speaks to the New Telegraph on Nigerian Debt

Eric LeCompte, Executive Director of Jubilee USA, recently spoke with the New Telegraph on the debt situation in Nigeria. Read excerpt below and follow link to full article.

IMF to Nigeria: High oil prices shouldn’t delay reforms

Oil producing countries, including Nigeria, should not be tempted to delay reforms in their countries because of the present high oil prices, the International Monetary Fund (IMF) has advised. This counsel came hours after Eric LeCompete, who serves on United Nations experts groups that focus on economic issues, raised the alarm over Nigeria’s and other developing nations’ unsustainable debts, saying it “is a recipe for financial crisis.”

In a related development, Jubilee USA Executive Director, Eric LeCompte, also cautioned Nigeria and other developing economies on the unsustainability of their debts. “We are seeing a growing debt crisis in many developing economies,” stated LeCompete.

“At the same time, we see risky and speculative behaviour on the rise. We know that risky behaviour and unsustainable debt is a recipe for financial crisis.” It would be recalled that since last April, the IMF warned that not enough has been done to prevent future financial crisis.

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Eric LeCompte Discusses Earthquake in Haiti with America

Eric LeCompte, Executive Director of Jubilee USA, recently spoke with America, the Jesuit Review, on the recent earthquakes in Haiti. Read excerpt below and follow link to full article.

5.9 Earthquake Rocks Northern Haiti

“The situation in Haiti is tragic,” Eric LeCompte, executive director of Jubilee USA Network, told America. “It’s the poorest country in the hemisphere and one of the poorest in the world.”

Mr. LeCompte, a finance expert, said Haiti’s ongoing struggles stem from a weak infrastructure that is vulnerable to natural disasters, like earthquakes and hurricanes. While Jubilee USA facilitated the forgiveness of Haiti’s debt after the 2010 earthquake, the country again finds itself in a financial hole. Its national debt tops $2.6 billion.

“The situation in Haiti, coupled with natural disasters, leaves the people with a sense of hopelessness,” Mr. LeCompte said. “That’s where it’s incumbent on the international community to step in. For Christians, it’s a moral issue.”

But while it seems insurmountable, Mr. LeCompte believes the international community can invest in the nation’s infrastructure, which will be less expensive to build in Haiti. The ongoing problems with corruption, however, will require greater accountability and transparency, he said.

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Eric LeCompte Speaks with Leadership on Nigeria

Eric LeCompte, Executive Director of Jubilee USA, was recently quoted in Leadership speaking on the International Monetary Fund's projections for Nigeria and the world economy. Read excerpt below and follow link to full article.

Poor Growth In Nigeria, South Africa Affecting African Economy – IMF

“We are concerned about the downturn in economic growth,” noted Jubilee USA Executive Director Eric LeCompte. As a finance expert, LeCompte has tracked IMF meetings for nearly 10 years and is attending the meetings in Bali. “The report reminds us that inequality remains a serious problem and we still are not safe from financial crisis.”

Since April, the IMF warned that not enough has been done to prevent future financial crisis. LeCompte’s organization, Jubilee USA organized a major event about preventing financial crisis during the Annual Meetings scheduled for October 12th in Bali. An African Finance Minister and senior staff from the IMF, the Vatican and the G-24 will discuss debt relief, disaster aid and crisis prevention.

“We are seeing a growing debt crisis in many developing economies,” stated LeCompte who serves on United Nation expert groups that focus on economic issues. “At the same time, we see risky and speculative behavior on the rise. We know that risky behavior and unsustainable debt is a recipe for financial crisis.” 

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