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The Saker
A bird's eye view of the vineyard

offsite link ?Make Trade, Not War? is China?s daring plan in the Middle East Fri Jan 19, 2018 23:10 | The Saker
by Pepe Escobar (cross-posted with the Asia Times by special agreement with the author) Under the Belt and Road Initiative, Beijing aims to connect western China to the eastern Mediterranean

offsite link Greece ? Convenient Victim or Complacent Masochist? Fri Jan 19, 2018 23:03 | The Saker
by Peter Koenig for the Saker blog Why this title? ? Because Greece doesn?t have to continue playing the card of the victim, nor being masochist. Greece seems to suffer

offsite link Moveable Feast Cafe 2018/01/19 ? Open Thread Fri Jan 19, 2018 23:00 | Herb Swanson
2018/01/19 23:00:02Welcome to the ‘Moveable Feast Cafe’. The ‘Moveable Feast’ is an open thread where readers can post wide ranging observations, articles, rants, off topic and have animate discussions of

offsite link Poland is leaving the EU (Ruslan Ostashko) Fri Jan 19, 2018 22:54 | The Saker
This is the latest video from the Russian political analyst Ruslan Ostashko, this time in a somewhat different format from the familiar “Five minutes of Common Sense”. Donald Tusk has

offsite link Syrian War Report ? January 19, 2018: Syrian Troops Almost Closed Eastern Idlib Pocket Fri Jan 19, 2018 18:05 | Scott
https://southfront.org/syrian-war-rep... On January 18, the Syrian Arab Army (SAA) and Iranian-backed militias liberated the village of Qaytal fom Hay?at Tahrir al-Sham (formerly Jabhat al-Nusra) in southern Aleppo and almost closed

The Saker >>

Human Rights in Ireland
www.humanrights.ie

offsite link Repeal and Replace? Sat Jan 20, 2018 12:58 | Fiona de Londras

offsite link Shifting Sands Under the Abortion Debate Mon Jan 15, 2018 09:30 | GuestPost

offsite link Liberty, the ICCL, and other NGO groups? landmark challenge against the UK Government?s mass surveil... Tue Nov 07, 2017 11:56 | admin

offsite link What Ireland can gain from international guidance on Article 19 UNCRPD Mon Oct 23, 2017 12:53 | Eilionoir Flynn

offsite link Repeal or Replace? Tue Oct 03, 2017 06:31 | Fiona de Londras

Human Rights in Ireland >>

Cedar Lounge
For lefties too stubborn to quit

offsite link Polish women call for solidarity 17:35 Sat Jan 20, 2018 | Citizen of Nowhere

offsite link And speaking of prog, what of this? NES Prog 15:34 Sat Jan 20, 2018 | WorldbyStorm

offsite link Rush call it a day 14:50 Sat Jan 20, 2018 | WorldbyStorm

offsite link The Guardian goes tabloid? 11:33 Sat Jan 20, 2018 | WorldbyStorm

offsite link This Weekend I?ll Mostly Be Listening to? Steve Strong 07:00 Sat Jan 20, 2018 | irishelectionliterature

Cedar Lounge >>

Dublin Opinion
Life should be full of strangeness, like a rich painting

offsite link Some Thoughts on the Brexit Joint Report 11:50 Sat Dec 09, 2017

offsite link IRISH COMMONWEALTH: TRADE UNIONS AND CIVIL SOCIETY IN THE 21ST CENTURY 14:06 Sat Nov 18, 2017

offsite link Notes for a Book on Money and the Irish State - The Marshall Aid Program 15:10 Sat Apr 02, 2016

offsite link The Financial Crisis:What Have We Learnt? 19:58 Sat Aug 29, 2015

offsite link Money in 35,000 Words or Less 21:34 Sat Aug 22, 2015

Dublin Opinion >>

Puerto Rico Bankruptcy Process Begins

category international | elections / politics | press release author Tuesday May 16, 2017 20:31author by Abby Wilhelm - Jubilee USA Network Report this post to the editors

Puerto Rico bankruptcy proceedings to restructure an over $70 billion debt begin on Wednesday in San Juan.

Puerto Rico bankruptcy proceedings to restructure an over $70 billion debt begin on Wednesday in San Juan. The Title III debt restructuring process was created as a part of debt crisis legislation that was signed into law last summer.

"This is a historic process," notes Eric LeCompte, the Executive Director of Jubilee USA who is in San Juan to monitor the process. "The legislation and process is unique among bankruptcy processes because it can restructure all of Puerto Rico's debt and ensures that all creditors participate in the process."

LeCompte monitored the case involving Argentina versus NML Capital and organized nearly 80 development and religious organizations to file an Amicus Brief to the Supreme Court in 2014. Because Argentina was required to pay a small group of "holdout" creditors, the country was not able restructure all of its debt or return to the international capital markets for almost 15 years. LeCompte worked with Congressional leadership to create and pass legislation that would prevent so-called "vulture" funds from taking advantage of Puerto Rico as they did to Argentina. The Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) was designed to prevent predatory and "holdout" behavior.

"Puerto Rico's bankruptcy process could be a model for better, more comprehensive bankruptcy processes for states and other countries," explained LeCompte who advised the United Nations General Assembly on the creation of a global bankruptcy process. "Current debt restructuring processes available for U.S. states and countries can not restructure all of their debt, but the process for Puerto Rico can."

Overseeing the hearings is Judge Laura Taylor Swain of the U.S. District Court for the Southern District of New York. ‎The process will likely last a year and a half or more.

"In the coming years, Puerto Rico will still have a lot of obstacles to overcome but if this process is done right, Puerto Rico will have a clear path for recovery and economic growth," says LeCompte.

Jubilee USA Network is an alliance of more than 75 US organizations and 650 faith communities working with 50 Jubilee global partners. Jubilee USA builds an economy that serves, protects and promotes the participation of the most vulnerable. Jubilee USA wins critical global financial reforms and won more than $130 billion in debt relief to benefit the world's poorest people.

www.jubileeusa.org

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