Spectrum News 1 Discusses Jubilee USA's New York bill to fight developing countries' debt crises and address supply shocks. Below is a brief excerpt. Click here for the full article.
NY lawmakers, advocates want pressure for developing nations' creditors
By Nick Reisman
For the Rev. Nicolle Jean-Simone, helping her husband's native Haiti often comes from personal pleas.
"We receive calls from family members, friends, missionaries telling us the needs of what's going on in the country and we do our very best to support them," she said. "But what if we could do it also through legislation."
Jean-Simone was among the advocates on Wednesday at the state Capitol calling for a measure that would require the New York-based creditors of developing nations facing a mountain of debt to help with relief and restructuring efforts.
The goal is to make it easier for those countries to pay the debt back and in turn help the residents of those countries who have struggled with ongoing crises.
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