August 17, 2015

Pope Francis Calls for Global Bankruptcy Process

In July, Pope Francis called for an international bankruptcy process to build economic stability, ease poverty and diminish inequality. He said, "If a company can declare bankruptcy, why can't a country do so and come to the aid of others?" He spoke about how debt hurts people all over the world whether it's Greece, Puerto Rico or Africa.

The Pope expressed support for a bankruptcy process that Jubilee USA works on at the United Nations. The UN just adopted nine principles for establishing such a system. Jubilee's Executive Director Eric LeCompte consulted the bankruptcy road map for the UN and presented to the UN how such a process could work. Puerto Rico's religious leaders, including the Catholic Archbishop of San Juan, are calling for some bankruptcy process to help the US Territory. Archbishop Roberto González Nieves calls for Jubilee in Puerto Rico and around the world in TIME Magazine. González Nieves argues such a process could relieve debt, limit austerity and invest in people.

The International Business Times and ValueWalk feature Jubilee's views on the UN bankruptcy vote. Read more about Jubilee USA's thoughts on Puerto Rico in The Associated Press, the Los Angeles Times and The Huffington Post.

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