Vatican’s Jubilee commission urges systemic change as it launches new debt relief report

A Vatican-backed report authored by more than 30 prominent economists calls for urgent action and systemic reforms to address the global debt and development crises of our times.

The group, convened by the late Pope Francis for this Jubilee year, provides recommendations on debt relief and economic policy.

What follows is (mostly) from a news releases today by Jubilee USA and the Initiative for Policy Dialogue at Columbia University:
“This report is a blueprint to solve the current global debt crisis, prevent future economic crises and create an economy that radically reduces poverty,” said Eric LeCompte, executive director of the Jubilee USA Network and a Vatican advisor who is at the Pontifical Academy of Social Sciences (PASS) for the report launch. 

“While debt relief and a just economy are at the center of Catholic teaching, this is the first report convened by a Pope that focuses on technical recommendations to achieve an economy that serves everyone,” he added.
Nobel Prize-winning economist Joseph Stiglitz and former Argentine Minister of the Economy, Martín Guzmán, led the work of the expert group.

The report “seeks to contribute to a comprehensive rethinking of the global rules governing finance, taxation, trade, and the sharing of knowledge,” said PASS. “At its heart lies a clear and urgent goal: to help build a global economy that serves people, especially the most vulnerable, and truly leaves no one behind.”
Pope Francis reiterated the interfaith calls of Pope Benedict and Pope John Paul II on debt relief and economics, making these issues the focus of the Christian holy year of Jubilee 2025. Pope Leo XIV continues the efforts of his predecessors. 

Twenty-five years ago in Jubilee 2000, over $100 billion in international debt was cancelled, but a lack of structural reform, combined with recent world events, resulted in systemic vulnerabilities that are now undermining hard-won gains. 

The time for new Jubilee action is now.

Recommendations include:

  • Improve debt restructuring: Change multilateral institution policies and legislation in key jurisdictions so that creditors and debtor governments are newly incentivized to agree to more timely and sustainable debt restructurings.
  • End bailouts to private creditors: Multilateral institutions including the International Monetary Fund should change their policies and practices to support sustainable recoveries, not de facto bailouts of private creditors or crippling austerity.
  • Strengthen domestic policies: Developing countries should more extensively use capital account regulations to discourage destabilizing flows and create a more stable environment for long-term investments and should invest in structural transformation.
  • Enhance transparency: All should support financial policies that are transparent and have broad societal support.
  • Reimagine global finance: All should support a comprehensive change in global financing models to drive financing for sustainable development, including lending that supports long-term growth.

The report’s findings will be discussed at the 4th International Conference on Financing for Development in Seville, Spain, June 30-July 3 and other global gatherings where the global debt and development crises will be high on the agenda.
“Developing countries spent a record $1.4 trillion paying debt in 2023 and too many countries spend more on paying debt than they do on the urgent needs of their people,” said LeCompte who also serves on United Nations debt expert groups. “In African and low-income countries, debt payments are two-thirds higher than their combined spending on health, education and social services.”
According to the World Bank, more than 800 million people live in extreme poverty, over 100 million more than previously believed. The report calls for a range of reforms as a debt and poverty crisis that has been growing in the face of the pandemic, wars, cost-of-living and interest rate hikes rose to prominence in the agenda of global leaders in multiple forums. Proposals include greater transparency, reforms to the International Monetary Fund, changes to laws in New York and the United Kingdom which govern private sector debt, improving debt contracts and an international bankruptcy system akin to the national bankruptcy courts that exist in most countries.
“This report can move the G7, G20, IMF and United Nations to make short-term decisions to address the current crisis and lay a foundation to prevent future crises,” stated LeCompte.
“The experts who wrote this report are a critical part of the global Jubilee movement, which includes advocates in pews, development groups, conservatives, liberals and people of every faith,” shared LeCompte. 

Read or download the report here or here.

Read Pope Francis’ Jubilee 2025 debt focus speech here.

“Cuba does not live in peace. Cuba lives with permanent aggression.”

The Mexico City daily newspaper, La Jornadapublished an interview May 9 with Cuba’s vice-minister of external relations, Carlos Fernández De Cossío.

Cuba’s lack of peace, he emphasized, is caused by Washington’s policies against the people of Cuba, characterized by economic coercion with the blockade. He warned that while practically the whole world has been the object of tariff threats by the administration of Donald Trump, “towards Cuba, the onslaught is already underway, and only military aggression is lacking” to complete the siege.

In the face of new global geopolitics, with Trump in power, he warned that the White House now attacks several countries: “you see this in Panama, Greenland, Canada;” the focus could also be the progressive governments elsewhere in Latin America.

“There are threats against several governments, and the United States will attempt, through force, economic pressure, and other methods, to influence the political processes of our countries. Venezuela is a country under attack. It’s evident that the region faces that reality….  The absence of armed conflict does not mean living in peace.” He also said that there is pressure on nations in the hemisphere to adopt measures to “reduce the ‘harmful influence’ of China.”

Over the past two-and-a-half years, I have worked with my former colleagues at The United Church of Canada, other churches, several trade unions and international development organizations to draw attention to the impact of U.S. sanctions (“the blockade”) on the Cuban people. Now that Canada’s new cabinet ministers are confirmed, we’ll likely launch a new call to “take action” in solidarity with Cuba.

Fernández de Cossío was in Mexico City for meetings May 8 with Mexico’s External Relations department (SRE) to talk about migration issues. 

With a long career in diplomacy, Fernández de Cossío has served as director for the United States in the Cuban foreign ministry. He also served as ambassador in Canada (2004-05) and South Africa, and was Cuba’s representative in the peace process between the government of Colombia and the Revolutionary Armed Forces of Colombia (FARC).

He said spaces like the Community of Latin American and Caribbean States (CELAC) are key to creating a counterweight to Washington. “They must move beyond declarations and formality. Getting there is not easy.” What follows is a lightly-edited translation of his interview with La Jornada writers, Emir Olivares and Arturo Sánchez Jiménez.

Migration challenges

Q: What are the challenges to the region from the new anti-migration policies of Trump?

R: If the great gap between the industrialized, developed countries and the countries in processes of development is not reduced, it’s natural that there will be a growing flow from the south toward the north to seek better living conditions. That goes on in Africa, in Asia and in our continent, where the flow toward the United States, whether it be regular or irregular. The reality varies by each country.

Q: And for Cuba?

R: The case of Cuba is unique. The United States has applied a dynamic against it that both pushes and pulls migration, whether regular or irregular. Washington’s official policy is economic coercion. The blockade, aimed at depressing and making living conditions as difficult as possible, provokes a migration drive.

Furthermore, since the 1960s, Cuban immigrants have been privileged, regardless of how they cross the border, by sea or by land. They are assimilated, granted refugee status, protected, and provided with employment. Additionally, there is the Cuban Adjustment Act, which means that regardless of how they entered the United States, Cuban migrants can acquire residency within one year of arriving in the United States. No citizen of any other country in the world has that privilege. If Washington does not put an end to this reality, the irregular flow will continue.

Q: What do you think of the U.S. propaganda shared in mass media and internet platforms against migration, headed by the secretary of homeland security, Kristi Noem?

R: It’s media opportunism that seeks support in the population. They unfairly criminalize all immigrants. To a certain extent, society has been polarized since its inception, with cultural and racial prejudices. And it’s not difficult for these politicians to try to stir up those feelings to promote a policy of rejecting immigrants and blaming them for many of the problems: drug use, unemployment, crime, and social polarization. If some migrants participate in crime and social unrest, it’s because these phenomena already exist in the United States.

Historically, the United States has believed that Cuba belongs to them, but in reality, it is an inability to accept that Cuba is, and has the right to be, a sovereign state.

Medical students at the University of Medical Sciences in Matanzas come from around the world. (Photo: Jim Hodgson, 2007)

Campaign against the health brigades

Q: The campaign against Cuba’s medical brigades is within these new coercive measures?

R: Yes. Since February, they have threatened that countries that continue medical cooperation programs with Cuba, their officials and family members will lose their visas and their ability to travel to the United States. Today, around 60 nations have these programs. They provide care to thousands of people. It is a historic project, for which Cuba has been praised by governments, several UN secretaries-general, and even a US president (Barack Obama).

The campaign seeks two things: to discredit this symbol of the success of Cuban society, since one of the priorities of anti-Cuban sectors is to prevent recognition of Cuba’s successes. The second is to cut off a legitimate source of income obtained from agreements with countries that are more favourable (such as Mexico), although historically these are services for which not a cent has been received.

Q: Do Trump’s new geopolitics bring additional pressures to the hemisphere?

R: It’s part of the US government’s hostile and imposing behavior toward the region, and it’s a challenge not only for Cuba but for the entire region. There’s pressure to adopt measures to reduce “China’s harmful influence.” We find it absurd. In a recent congressional hearing, they showed alleged Chinese military bases in Cuba (they used to say they were Russian, during the Cold War). They presented images of what could have been a soccer field or a rice field to say: “This is evidence that there are Chinese military bases in Cuba,” but there wasn’t a single military officer there, no one from the Pentagon or the CIA, from the institutions that are supposed to bear witness to this.

There’s threatening behavior that tries to impose their will on the hemisphere. We saw this in Panama. We see it in Greenland (even though it is not part of the region) and with Canada. It’s a challenge for us all and it’s dangerous.

Q: What have been the errors of the revolutionary regime?

R: Fidel Castro once said that the biggest mistake was thinking that anyone knew how to build socialism and that it would be easy to do so. In Cuba, specific errors may have been made in some aspects of economic policy, in elements of social policy, but it’s very difficult to judge if one takes into account the challenges posed by the aggression of a power like the United States.

Q: Are the ideals of Martí, Castro and others still valid?

R: The ideas of Martí, Fidel, Marx, Engels, Lenin and other Marxists remain relevant and continue to shape our thinking. The challenge we face with youth is enormous, due to the communication influence that large corporations have exerted, a monopoly that is difficult to break. This, combined with a very depressed economic situation, has a serious and dangerous impact on the population. We are working with this; we accept it as a challenge, a very great challenge facing Cuban society.

Empathy: a basic element of human decency

by Jim Hodgson

Back in the late 1990s, I travelled frequently by bus over the mountains between my home in Cuernavaca and my job in Mexico City. Even when the traffic was bad, the trip usually took less than two hours. The bus company almost always showed a film.

When not working or looking at the views, including the Popocatepetl volcano, I watched the movies. I can’t guess how many movies I saw without ever seeing how they ended. My friends and I joked about organizing a Pullman de Morelos film festival, renting or borrowing some of the movies, and just watching the last half hour of all of them to see how they ended.

Among those movies was a favourite of mine, Smilla’s Sense of Snow (Bille August, 1997). The shocking death of a small boy in Copenhagen opened a tale of conflict between corporate greed and the Inuit people of Greenland. But I never saw how it ended. 

Years went by and then, in a used bookstore in Strathroy, Ontario, I found the novel by Peter Høeg on which the film was based. It’s an excellent book with a satisfying ending. 

Among parts that have stayed with me was this:

“…[W]e read Karl Marx’s Das Kapital. It was a book I grew quite fond of. For its trembling, feminine empathy and its potent indignation. I know of no other book with such a strong belief in how much you can accomplish if you simply have the will to change.” *

Hmm. Empathy as a feminine virtue? Let’s see. Google offers this definition: “the ability to understand and share the feelings of another.” 

To me, it’s a basic element of human decency. A measure of empathy is vital in action to transform the plight of those made miserable by any who abuse their power. To empathize doesn’t mean you have to agree with someone: just recognise their different circumstances. Maybe some of us would rather say solidarity.

“In a time when empathy is increasingly treated as a vice, we must not turn our backs on the world’s most impoverished,” wrote Andy Harrington after a recent visit to South Sudan. Harrington is the executive director of the Canadian Foodgrains Bank (CFGB), a Winnipeg-based NGO that enables food aid to reach people in need and communities to move toward food sovereignty. He said people are already dying because of Trump’s cuts to USAID, adding that Canadian support is more essential than ever. (Eight people in South Sudan, including five children, died as they tried to walk for three hours to seek treatment for cholera after U.S. cuts forced local health services to close, Save the Children said April 9.)

Elon Musk said recently that empathy is killing Western civilization. But it seems the far-right has been attacking empathy for a long time now. And it does so with some masculine archetypes.

MAGA influencers have begun to talk of the tariffs as a way to make the United States ‘manly’ again, by bringing old-time manufacturing and mining back,” asserts historian Heather Cox Richardson in her Substack post on April 8. In these first three months of the disastrous Trump regime in the United States, she has found her way into my daily reading as she sets current events in historical context. She adds: 

In a larger sense, Trump’s undermining of the global economy reflects forty years of Republican emphasis on the myth that a true American man is an individual who operates outside the community, needs nothing from the government, and asserts his will by dominating others.

Associated with the American cowboy, that myth became central to the culture of Reagan’s America as a way for Republican politicians to convince voters to support the destruction of federal government programs that benefited them. Over time, those embracing that individualist vision came to dismiss all government policies that promoted social cooperation, whether at home or abroad, replacing that cooperation with the idea that strong men should dominate society, ordering it as they thought best.

The Trump administration has taken that idea to an extreme, gutting the U.S. government and centering power in the president, while also pulling the U.S. out of the web of international organizations that have stabilized the globe since World War II. …

Now Trump is demonstrating his power over the global economy, rejecting the conviction of past American leaders that true power and prosperity rest in cooperation.

In less than 100 days, the Trump regime has dismantled that “liberal consensus” that at least regulated corporate excess, provided very basic social welfare, and promoted infrastructure. (This is not to ignore some of the United States’ greatest failures. Among them: slavery and Indigenous genocide, of course. But also not providing universal health care and maintaining racial segregated schools by underfunding the public education systems.)

* Peter Høeg, Smilla’s Sense of Snow, Toronto: McClelland-Bantam, 1997, pp.144-45.

Tomorrow: Karl Marx in the Rose Garden