Upcoming Events

International | Miscellaneous

no events match your query!

User Preferences

  • Language - en | ga
  • text size >>
  • make this your indymedia front page make this your indymedia front page

Blog Feeds

forward

Cedar Lounge
For lefties too stubborn to quit

offsite link This Weekend I?ll Mostly Be Listening to? Helen Love ? the Radio Hits 01:48 Sat Aug 30, 2014 | WorldbyStorm

offsite link Message from Locked Out Greyhound Workers 18:44 Fri Aug 29, 2014 | guestposter

offsite link About William Thompson 16:00 Fri Aug 29, 2014 | WorldbyStorm

offsite link Education and elitism? 13:00 Fri Aug 29, 2014 | WorldbyStorm

offsite link An interview with Paul Cleary from issue 2 of the Shamrock Rovers fanzine ?And If I Should Falter? 09:29 Fri Aug 29, 2014 | irishelectionliterature

Cedar Lounge >>

Dublin Opinion
Life should be full of strangeness, like a rich painting

offsite link IRELAND?S TAX HAVEN INDUSTRY 22:01 Tue Aug 05, 2014

offsite link IPA Summer School - Social Justice, Poverty and Ireland - 28 July 2014 11:56 Mon Jul 28, 2014

offsite link Feminist Economics - Cuts are a Feminist Issue 08:21 Wed Jun 18, 2014

offsite link Feminist Economics - Care and Social Reproduction 16:11 Fri Jun 13, 2014

offsite link Feminist Economics - By Way of Introduction 12:12 Fri Jun 06, 2014

Dublin Opinion >>

Irish Left Review
Joined up thinking for the Irish Left

offsite link After the Gaza Massacre and After the Marches, What Do We Do? Thu Aug 28, 2014 16:10 | David Landy

offsite link Two London Exhibitions: Two Ways of Seeing Thu Aug 28, 2014 10:07 | Seán Sheehan

offsite link Connelly Youth Movement Talk: Latin America Today, Saturday 14:00, Connolly Book... Thu Aug 28, 2014 08:39 | Irish Left Review

offsite link Dismal Job Numbers Expose Government Spin Wed Aug 27, 2014 13:04 | Michael Taft

offsite link Deng Xiaoping ? The World?s Greatest Economist Tue Aug 26, 2014 10:56 | John Ross

Irish Left Review >>

Human Rights in Ireland
www.humanrights.ie

offsite link Presumption of Guilt: Islamic State and UK Criminal Law Fri Aug 29, 2014 19:15 | Colin Murray

offsite link Time for Our Referendum Sat Aug 23, 2014 13:57 | Vicky Conway

offsite link Call for Submissions: Irish Community Development Law Journal Fri Aug 22, 2014 11:01 | admin

offsite link Suicide and the Protection of Life During Pregnancy Act: Where Are We Now? Wed Aug 20, 2014 12:00 | Máiréad Enright

offsite link Contesting the cruel treatment of pregnant women ? Ruth Fletcher Tue Aug 19, 2014 08:15 | GuestPost

Human Rights in Ireland >>

79 Religious and Development Institutions Join SCOTUS Filing in Argentina/NML Capital Case

category international | miscellaneous | opinion/analysis author Tuesday March 25, 2014 17:27author by Arielle Retrosi Report this post to the editors

Jubilee USA Network, a religious anti-poverty coalition, along with 78 other religious and development groups filed with the US Supreme Court in the case between Argentina and NML Capital

The Amicus Curiae brief takes the side of Argentina because the precedent of the case impacts predatory behavior on vulnerable populations. The friend-of-the-court brief argues that the case will have a detrimental impact on the poor, undo bipartisan United States debt policy and cause global financial instability. Filers joining Jubilee USA include: American Jewish World Service, Church World Service, Action Aid USA, numerous synagogues and churches across the US and a deluge of Catholic religious orders of nuns and priests. Read the full list of the 79 groups and Jubilee USA's Amicus Curiae.

"At the end of the day, this case is about a precedent that could expose developing economies to extreme predatory behavior," noted Kent Spriggs the attorney representing the 79 groups "The Supreme Court's decision will affirm or harm current bipartisan US debt policy."

The Supreme Court would likely decide by the summer whether or not it will actually hear the case. The case goes back to 2001, when Argentina defaulted on roughly $81 billion in debt. Multiple hedge funds purchased debt for pennies on the dollar. These hedge funds are called "vulture" funds because they prey on countries in financial distress and target assets that benefit poor populations. The nearly 93% of bondholders who restructured their debts with Argentina have seen the value of their bonds increase. The holdout hedge funds that are suing Argentina refused the deal several times and have instead sued for the full amount of the debt they purchased.

The Amicus brief quotes expert economists and lawyers, the International Monetary Fund, studies on debt, Adam Smith, Pope John Paul II and scriptures holy to Christians and Jews. "Our Supreme Court brief starts like a prayer, becomes a doctoral thesis summary and ends like a sermon," said Eric LeCompte, Executive Director of Jubilee USA Network. "This case will impact millions of poor people around the world and they deserve a hearing."

In addition to Jubilee USA and its partners, Brazil, Mexico, France and Nobel Laureate and former World Bank chief economist Joseph Stiglitz have announced their intention to file on behalf of Argentina. In addition to the International Monetary Fund, the World Bank has strongly criticized the behavior of these hedge funds, and the United States government has sided with Argentina in a related case before the Supreme Court. The international consensus against this behavior mirrors the bipartisan consensus around the very debt relief policy threatened by the actions of these predatory funds.

The brief powerfully examines the impacts of the case on future debt restructurings, poverty and the international financial system. The following are quotes pulled out from Jubilee USA Network's friend-of-the-court brief as submitted for filing:

"Because using law to dispossess the poor for the pleasure of the powerful offends not only the sense of justice embodied in United States policy, but the even more ancient principles of biblical justice revealed in the scriptures of our faiths, we respectfully submit this amicus curiae brief requesting that the Court accept certiorari."
"The opinion...now threatens to unravel United States debt relief policy and undo much of the progress made on behalf of the poor."
"The presence of even a single holdout can deter otherwise cooperative creditors from agreeing to restructure a country's debt...the...decision below would make holding out and suing...the most rational strategy for creditors."
"Allowing the decision below to stand would...equip financial companies that prey on the poorest nations and people of the world with a game-changing legal precedent to accelerate their predation."
"If allowed to stand, the decision in this case...has the potential to generate systemic risks in the international system."
"Upholding the decision...would harm or frustrate numerous established policies of the United States...[that] began during the Bush administration and have been continued by the Obama administration."

© 2001-2014 Independent Media Centre Ireland. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by Independent Media Centre Ireland. Disclaimer | Privacy