Iko Ward: Interesting…Forex just reset the Dinar to CBI rate. Awfully early for that. Irradic movement we like.
Fitzgerald: IF I WERE A BETTING MAN I WOULD SAY BETWEEN THE 20TH AND THE 25TH IS A GOOD TIME FOR THE BANK
CODreamer: Janet yellen – 11 am ET http://www.federalreserve.gov/whatsnext.htm
BigE-13B- (Remember this?) Pope Francis Calls for Global Bankruptcy Process
FOR IMMEDIATE RELEASE July 14, 2015
Pope Francis Calls for Global Bankruptcy Process
Washington, DC – Pope Francis called for an international bankruptcy process in a news conference as he left Latin America on Monday. According to the Associated Press, when asked about the Greek debt crisis, Francis stated, “if a company can declare bankruptcy, why can’t a country do so and we go to the aid of others?” Francis offered further comments noting that too many countries are struggling with high debts and he suggested a United Nations bankruptcy proposal could be the solution.
“Pope Francis knows that heavy debt loads cause poverty and inequality,” said Eric LeCompte, who consulted the Vatican on its position. LeCompte is the head of the religious development organization Jubilee USA Network. “The Pope’s statement is a logical extension of the Catholic Church’s strong support of debt relief for struggling countries.”
Last year, LeCompte led a delegation of global Jubilee organizations to advise Vatican Secretary of State Cardinal Pietro Parolin on the need for a bankruptcy process to address inequality. The Catholic Church is a founder of Jubilee USA and supports its efforts to win debt relief for struggling countries.
In September of 2014, the United Nations General Assembly voted 124-11 to develop the bankruptcy process that Pope Francis referenced. LeCompte addressed the UN earlier this year on the creation of the process. This Fall, the United Nations is set to review progress on the proposal. Because International Monetary Fund (IMF) studies point to debt as a cause of inequality, the IMF is exploring aspects of a bankruptcy process based on an April 2013 paper. In addition to the debt crisis in Greece, nearly 50 countries face worrying levels of debt distress according to World Bank statistics.
“A bankruptcy process is critical if we want less poverty and if we want to prevent financial crisis,” stated LeCompte, who consulted a recent United Nations Conference on Trade and Development road map that fed into the UN bankruptcy process. “Bankruptcy means less inequality and more global stability.”
Read the United Nations Conference on Trade and Development road map: Sovereign Debt Workouts: Going Forward Roadmap and Guide