Debt Cancellation

On June 18th, Representatives re-introduced the Stop VULTURE Funds Act (HR 2932), a bill in the House of Representatives that would prevent vulture funds from making excessive profit off the debt of the world's poorest nations. 
Together with Africa Action and TransAfrica Forum, Jubilee USA continues its campaign to stop the harmful practices of vulture funds that prey on poor countries. Vulture Funds buy the defaulted debt of poor countries from the original lender, often for pennies on the dollar.  After buying a poor country's debt, vulture funds take their time, waiting for the right opportunity to strike.

When a country receives debt cancellation from governments or international financial institutions, vulture funds rarely participate in the deal.  Instead they take the opportunity to sue in US or European courts to seize the newly available resources - usually many times what they originally paid to purchase the debt.

The Wheaton Franciscans are members of JubileeUSA and have advocated for many issues related to debt cancellation. Rep. Judy Biggert (Dupage) has been very active in debt cancellation efforts. Please Call your US Representative today and ask him or her to co-sponsor the bill!  For more information please go to http://www.jubileeusa.org 

It is a great pleasure to announce that Haiti has achieved completion point in the Heavily Indebted Poor Countries program.  This means that $1.2 billion in debt claimed from Haiti by creditors including the World Bank, InterAmerican Development Bank and the United States has been finally and permanently cancelled.  This is a tremendous victory for which the people of Haiti have waited, worked and suffered for far too long.  Congratulations and thanks to all of you for years of advocacy and activism in solidarity with Haiti and in partnership with campaigners around the world which helped to bring about the June 30th announcement.