Jubilee Debt Coalition
Encyclopedia
Jubilee Debt Coalition is a coalition of national organisations and local groups around the UK, calling for the unpayable debts of the poorest countries to be cancelled. The Coalition is also known as Jubilee Debt Campaign and focuses on developing countries' debt
.
Coalition. Many campaigners felt that it was necessary to continue working together to monitor the G8
's promise to deliver $100Bn of debt relief at Cologne in 1999, and make further progress on the cancellation of debts the poorest countries
The name was chosen in 1995/6, as preparations were gathering pace for the celebration of the millennium. The concept was that justice and poverty alleviation through the cancellation of debts would be a fitting celebration for the millennium. The concept of debt cancellation and celebration is linked to the Old Testament
concept of Jubilee
, which meant that every 50 years, people sold into slavery, or land sold due to bankruptcy, were redeemed.
Jubilee Debt Campaign has been most recently in the news in January 2010, calling for the complete cancellation of Haiti's debts after a huge earthquake hit the country. Drop Haiti's Debt. JDC were in the news in November 2009 because of vulture funds, where a company buys up debts or securities in a distressed environment, and then sues for the full amount 'owing'. The most recent case, in the news in November 2009, where two companies sued Liberia through the UK Courts. Prior to this in April and May 2007, concerned a company called Donegal International and Zambia.
The current campaign, 'Lift the lid on bad loans' focuses on money owed for historical debts that are in some way dubious, having been given irresponsibly or to suit the lenders' own ends. The campaign encourages UK citizens to call on the Secretary of State to hold an audit of such loans and to cancel any that are found to be dubious in such a manner.
The 2006 campaign, 'Cut the Strings' focused on the harmful and unfair conditions often attached to debt relief. (See also HIPC
initiative - Heavily Indebted Poor Countries
Initiative). The world’s poorest countries are at times required by the agencies of the G8 (The IMF and World Bank) to cut public spending and privatise health-care and other services to secure debt relief. If the country being considered for debt relief does not stay 'on track', cancellation may be delayed or withheld.
As a result of decisions made at the G8 Summit in Gleneagles, following the Make Poverty History campaign and Live 8 event, JDC called on the British government to return money received from Nigeria as part of a debt cancellation condition.
Jubilee Debt Campaign was an active member of the Make Poverty History
Coalition, one of whose key aims was to "Drop the Debt," along with "Make Trade Fair" (Trade Justice
Coalition) and "More and Better Aid."
Developing countries' debt
The debt of developing countries is external debt incurred by governments of developing countries, generally in quantities beyond the governments' political ability to repay...
.
History
The Coalition was formed as a successor organisation to the Jubilee 2000Jubilee 2000
Jubilee 2000 was an international coalition movement in over 40 countries that called for cancellation of third world debt by the year 2000. This movement coincided with the Great Jubilee, the celebration of the year 2000 in the Catholic Church...
Coalition. Many campaigners felt that it was necessary to continue working together to monitor the G8
G8
The Group of Eight is a forum, created by France in 1975, for the governments of seven major economies: Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. In 1997, the group added Russia, thus becoming the G8...
's promise to deliver $100Bn of debt relief at Cologne in 1999, and make further progress on the cancellation of debts the poorest countries
The name was chosen in 1995/6, as preparations were gathering pace for the celebration of the millennium. The concept was that justice and poverty alleviation through the cancellation of debts would be a fitting celebration for the millennium. The concept of debt cancellation and celebration is linked to the Old Testament
Old Testament
The Old Testament, of which Christians hold different views, is a Christian term for the religious writings of ancient Israel held sacred and inspired by Christians which overlaps with the 24-book canon of the Masoretic Text of Judaism...
concept of Jubilee
Jubilee (Biblical)
The Jubilee year is the year at the end of seven cycles of Sabbatical years , and according to Biblical regulations had a special impact on the ownership and management of land in the territory of the kingdoms of Israel and of Judah; there is some debate whether it was the 49th year The Jubilee...
, which meant that every 50 years, people sold into slavery, or land sold due to bankruptcy, were redeemed.
Campaigns
The key aim of JDC is debt cancellation and the alleviation of poverty. Educational and campaign materials have been produced on the legitimacy of debt, power and corruption of both lenders and borrowers.Jubilee Debt Campaign has been most recently in the news in January 2010, calling for the complete cancellation of Haiti's debts after a huge earthquake hit the country. Drop Haiti's Debt. JDC were in the news in November 2009 because of vulture funds, where a company buys up debts or securities in a distressed environment, and then sues for the full amount 'owing'. The most recent case, in the news in November 2009, where two companies sued Liberia through the UK Courts. Prior to this in April and May 2007, concerned a company called Donegal International and Zambia.
The current campaign, 'Lift the lid on bad loans' focuses on money owed for historical debts that are in some way dubious, having been given irresponsibly or to suit the lenders' own ends. The campaign encourages UK citizens to call on the Secretary of State to hold an audit of such loans and to cancel any that are found to be dubious in such a manner.
The 2006 campaign, 'Cut the Strings' focused on the harmful and unfair conditions often attached to debt relief. (See also HIPC
HIPC
HIPC may refer to:*International Conference on High Performance Computing*Heavily Indebted Poor Countries...
initiative - Heavily Indebted Poor Countries
Heavily Indebted Poor Countries
Heavily Indebted Poor Countries is a group of 40 developing countries with high levels of poverty and debt overhang which are eligible for special assistance from the International Monetary Fund and the World Bank.- History and structure :...
Initiative). The world’s poorest countries are at times required by the agencies of the G8 (The IMF and World Bank) to cut public spending and privatise health-care and other services to secure debt relief. If the country being considered for debt relief does not stay 'on track', cancellation may be delayed or withheld.
As a result of decisions made at the G8 Summit in Gleneagles, following the Make Poverty History campaign and Live 8 event, JDC called on the British government to return money received from Nigeria as part of a debt cancellation condition.
Jubilee Debt Campaign was an active member of the Make Poverty History
Make Poverty History
Make Poverty History is the name of a campaign that exists in a number of countries, including Australia, Canada, Denmark , Finland, New Zealand, Nigeria, Norway, Romania, the United Arab Emirates, Great Britain and Ireland...
Coalition, one of whose key aims was to "Drop the Debt," along with "Make Trade Fair" (Trade Justice
Trade justice
Trade justice is a campaign by non-governmental organisations lobbying for changes to the rules and practices of world trade so that poor people and the environment benefit...
Coalition) and "More and Better Aid."