Written by Jubilee USA Network   

FOR IMMEDIATE RELEASE
September 10, 2015

Available for Interview: Executive Director Eric LeCompte
Contact: Andrew Hanauer, Campaigns Director
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United Nations Adopts Debt Principles to Prevent Financial Crisis

Washington DC - The United Nations General Assembly voted 136-6 with 41 abstentions to adopt a set of principles to guide countries facing debt crises. The resolution passed overwhelmingly in Africa, Latin America, Asia and the Caribbean. Canada, Germany, Israel, Japan, the United Kingdom and the United States voted against the principles.

"I'm disappointed that the United States voted against our efforts to limit financial crisis, but I am heartened that the principles passed so strongly," said Eric LeCompte, executive director of Jubilee USA Network, a religious development coalition. LeCompte advised the UN on the principles and serves on UN expert working groups on debt and finance.

The United States explained its vote by arguing that these processes belong in the International Monetary Fund. The debt restructuring principles adopted include good faith, transparency, impartiality, equitable treatment of debt holders and sustainability. The vote is the outcome of a year-long UN effort to advance a global bankruptcy process. The UN General Assembly voted to begin that process last September in the face of debt crises in Greece, Argentina and the Caribbean. This summer, Pope Francis endorsed the UN global bankruptcy process amidst Greece's ongoing debt crisis.

"Because inequality is directly connected to a country's debt, these principles are critical for us to have more inclusive societies," noted LeCompte. "This vote is good news for poor people."

Jubilee USA Network is an alliance of more than 75 US organizations and 400 faith communities working with 50 Jubilee global partners. Jubilee's mission is to build an economy that serves, protects and promotes the 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