Supreme Court Refuses Argentina Hedge Fund Debt Case

Jubilee USA

For Immediate Release

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Hannah Shultz, Communications Director: hannah@jubileeusa.org /  (o) (202) 783-3566 x101 (m) (319) 541-7357

Supreme Court Refuses Argentina Hedge Fund Debt Case

Lower Court Ruling Stands and Validates Hedge Fund Predatory Behavior

WASHINGTON - The US Supreme Court denied hearing Argentina's appeal today and a lower court ruling stands that validates predatory behavior targeted towards countries in financial distress. The high court also denied a related appeal on behalf of the more than 92% of bond holders who had accepted Argentina's restructuring deal after the default.

Eric LeCompte, Executive Director of the religious anti-poverty organization Jubilee USA, releases the following statement:

"I am blown away by the decision. For heavily indebted countries trying to support extremely poor people, this is a devastating blow. These hedge funds are equipped with an instrument that forces struggling economies into submission.

"For 15 years, Republicans and Democrats have agreed that the world's poorest countries need to have their debt burdens reduced. Today, that bipartisan policy is threatened by the court's decision.

"The religious community is saddened that these extreme actors will now broaden their efforts to collect assets that belong to the poor.

"One loser today is New York State. Given today's ruling, countries wishing to borrow money are going to find other places to sign their contracts. That's why legitimate Wall Street investors have joined the IMF, World Bank, United Nations and the United States Government in opposing this behavior.

"Given the ruling, we need to see what legislative remedies we can implement to stop these hedge funds."

Read a history and timeline of the case.

Read Jubilee's USA's filing urging the Supreme Court to take case.

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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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