I support preventing financial crisis and measures that protect vulnerable people from the impacts of financial crisis.
Because of the work of Jubilee USA, world leaders and both parties in Congress support measures for debt relief and reducing impacts of financial crisis on poor people. These actions invest in healthcare and reduce infant mortality. Because of these efforts more than 115 billion dollars in debt relief was won and 54 million kids went to school in Africa.
Unfortunately, many of the countries who benefited from debt relief, now face renewed financial crisis. We also learned in 2008, that financial crisis strikes rich and poor countries. Irresponsible lending and borrowing affects all of us.
Although we agree on the causes of financial crisis, it's now time to agree on a global solution.
I join the call for the implementation of a global bankruptcy framework that resolves financial crisis, prevents austerity, reduces poverty and promotes transparent budgets and lending. We need a global process that facilitates timely and orderly debt restructuring and brings debt to sustainable and payable levels.
In recent years we've seen much progress around a global bankruptcy process. The entire global economy and our national security relies on achieving greater predictability and transparency in global finance.
I support improved debt restructuring processes to further accountability, prevent financial crisis, address inequality and reduce poverty.