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Joined up thinking for the Irish Left

offsite link Bin Charges: From Private Circus to Public Service Tue Jun 21, 2016 12:38 | Michael Taft

offsite link Beyond Grexit & Brexit, Advocating an Irish and a British role in solving Europe... Tue Jun 21, 2016 12:18 | Tony Phillips

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offsite link Centrism extremism: how horseshoe-politics silences brutality Sat Jul 02, 2016 18:25 | yeksmesh

offsite link Of Tankies, Trots and Social Democrats Thu May 12, 2016 23:41 | Gavin Mendel-Gleason

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offsite link The Bern Manifesto: Why I am Voting for Bernie Sanders Wed Jan 27, 2016 23:59 | Jerome Nikolai Warren

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Life should be full of strangeness, like a rich painting

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NAMA Wine Lake

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offsite link Happy 70th Birthday, Michael Sun May 19, 2013 14:00 | namawinelake

offsite link Of the Week? Sat May 18, 2013 00:02 | namawinelake

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offsite link Gayle Killilea Dunne asks to be added as notice party in Sean Dunne?s bankruptcy Fri May 17, 2013 12:30 | namawinelake

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Supreme Court Hears Argentina Predatory Hedge Fund Discovery Case High Court Decision to Hear Broader Landmark Debt Case Pending

category international | miscellaneous | news report author Friday April 18, 2014 18:00author by Arielle Retrosi Report this post to the editors

On Monday, the Supreme Court hears arguments between Argentina and holdouts who refused two debt restructuring deals after Argentina defaulted on its debts in 2001. The Supreme Court Justices will determine if predatory hedge fund, NML Capital can obtain information from US Banks that reveal Argentina's holdings in order to target those assets for debt payments. The Obama Administration is siding with Argentina in the case. In the summer, the Supreme Court will also decide if it will hear a much broader case between Argentina and the hedge funds that impacts extreme poverty, official US debt policy and country debt restructuring.

"The Supreme Court hearing this initial case offers some indication that they are interested in hearing the broader case," said Eric LeCompte, Executive Director of the religious antipoverty coalition, Jubilee USA Network. "The courts decision on the broader case will impact financial stability and people living in extreme poverty."

In late March, Jubilee USA Network and 79 religious and development groups filed an Amicus ("friend-of-the-court") brief with the Supreme Court urging them to take the broader case with global implications. In addition to Jubilee USA's filing, economist Joseph Stiglitz and the governments of Brazil and Mexico also filed on Argentina's side. The G24, the International Monetary Fund, World Bank, United Nations and the US government continue to raise concerns with predatory holdout behavior.

“There's a global consensus that his behavior hurts poor people and legitimate investors,” said LeCompte who serves on several UN expert groups working to stem predatory behavior. "If the Supreme Court takes the broader case and decides for Argentina, we'll see a lot of this extreme behavior end."

Jubilee USA Network is an alliance of more than 75 US organizations, 400 faith communities and 50 Jubilee global partners. Jubilee's mission is to build an economy that serves, protects and promotes participation of the most vulnerable. Jubilee USA has won critical global financial reforms and more than $130 billion in debt relief to benefit the world's poorest people. www.jubileeusa.org

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