Jubilee

UN Treaty Could Enact Global Bankruptcy Process and Stop Predatory Funds Jubilee USA Urges and Prays for US Support

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The UN General Assembly votes Tuesday on a convention that could enact a global bankruptcy process and stop predatory hedge funds. Bolivia proposed the resolution that if voted upon is expected to pass by a majority. The executive board officers of Jubilee USA sent United States UN Ambassador Samantha Power a letter urging her to support the resolution. Jubilee’s 400 US faith communities are holding the Ambassador in prayer as she prepares to vote.

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Banks and Investors Call for New Debt Rules In Wake of Argentina Hedge Fund Case

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The International Capital Market Association (ICMA), a group of banks and investors, will call Friday for reforms aimed at preventing repeats of the Argentina/NML Capital debt dispute. The ICMA’s plan would reduce the ability of hold-out creditors to litigate and undermine debt restructurings, in part by using contract clauses to bind all bond-holders to debt restructurings that 75% of all holders agree on.Additionally, the plan will argue that the “pari passu” or parity clauses in existing bond contracts should always mean that hold-out funds should always receive the same restructured bonds that the majority of investors agree on.

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