Poverty

Banks and Investors Challenge Predatory Funds Solutions Fall Short of Comprehensive Protection for Poor Countries

The International Capital Market Association (ICMA), a group of banks and investors, released a new debt framework this morning aimed at reducing the ability of predatory funds and holdout investors to undermine debt restructuring.

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

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 restructuring, in part by using contract clauses to bind all bond-holders to debt restructuring that 75% of all holders agree on.

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

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 restructuring, in part by using contract clauses to bind all bond-holders to debt restructuring that 75% of all holders agree on.

Great Zine On Collective Housing Strategies and Tactics

Hey Folks! We have just finished writing a zine on living in an activist collective intentional community. It was written as a practical guide with tools and references to assist in achieving a more sustainable approach to strategies and tactics for reaching goals. We approach this work from the experience in our shared collective narrative in an effort to ground much of the theory in our practice.

Argentina Braces For Default

by Merry PhamArgentina is likely to default barring a last-minute breakthrough in negotiations with hold-outs or a court order. Argentina's grace period to pay bonds restructured after its 2001 default expires July 30th. United States District Judge Thomas Griesa ruled Argentina cannot pay the 92% of restructured bond holders unless Argentina also pays hold-out predatory hedge funds in full. "Argentina is hours from default," said Eric LeCompte, Executive Director of the religious financial reform organization, Jubilee USA Network. "At this point, a deal seems unlikely.

Argentina Debt Payments Blocked by US Court

The Argentine government announced Thursday that it transferred funds to the Bank of New York Mellon to pay the 92% of bond holders who restructured aft

IMF Paper: Corporate Tax Avoidance Hurts Global Economy and Poor Countries

The International Monetary Fund (IMF) released a staff paper noting that corporate tax avoidance negatively impacts all economies, but hurts developing countries the most. The IMF's release comes as the G20, the Organization for Economic Cooperation and Development and United Nations bodies seek vehicles to diminish corporate tax avoidance. "The developing world loses more in corporate tax avoidance than it receives in aid from developed countries," stated Eric LeCompte, Executive Director of the religious anti-poverty group, Jubilee USA Network.

IMF Releases Paper on Ending Predatory Behavior: Paper Propels IMF Board Financial Stability Decisions

The International Monetary Fund (IMF) officially released a major paper focused on increasing stability in the financial system and preventing predatory hold-out behavior in debt restructuring.

Argentina Responds to Supreme Court with Debt Swap Plan: Global Consequences of Court Ruling Remain Intact

 In reaction to an adverse Supreme Court ruling against Argentina, President Cristina Fernández de Kirchner announced that Argentina would offer new bonds to its creditors governed under Argentine law.

Argentina Battles in Two World Cups

While Argentina prepares to face Bosnia Sunday in the first round of the World Cup, the South American soccer power faces a second major contest in a very different venue. The United States Supreme Court will announce in June if it will hear Argentina vs NML Capital that impacts the operation of the global financial system.

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