G7 Focuses on Ukraine and Global Financial Stability

Written by Jubilee USA Network   

The G7 is meeting in Brussels for its annual summit. Initially Russia planned to host the conference, but G7 leaders excluded Russia's participation over the crisis in Ukraine. In addition to the situation in the Ukraine, the agenda will feature conversations on debt restructuring, development and global financial stability. "Every member of the G7 agrees that we need to address the root causes of the financial crisis," shared Eric LeCompte, Executive Director of Jubilee USA Network, a religious antipoverty coalition."We are still waiting for global leaders to seriously address the debt crisis that got us into this mess."At last year's gathering, the then-G8 released the Lough Erne Declaration, which called for comprehensive action to stem tax avoidance as it impacts poor populations."Last year's meetings saw a historic statement on curbing tax avoidance. Many developing countries continue to lose more to tax avoidance than they receive in public aid," stated LeCompte.The annual meetings are set to end on Thursday, June 5th at 8:00 PM Brussels time. 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