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Hello campaigners,
It's been an another eventful month to say the least! Following the Brexit vote, Scotland's future is up in the air again. But whatever comes next, we know one thing for sure: Jubilee Scotland will still be here campaigning to make this a nation of debt justice. Here's the latest on what we've been up to and some developments from around the world...

AGM Success

Last month's Annual General Meeting was a great success, bringing together a number of representatives from our member organisations and new faces alike. 

We can happily announce that three of our directors were reappointed to the Campaign Coordinating Group, so a big thank you for your ongoing commitment to Elisabeth Cranfield, Fiona Bennett, and Deirdre Muldowney, representing Kirkcaldy Presbytery, the Augustine United Church, and the Scottish Fair Trade Forum respectively. We are also very pleased to welcome new director Conor Marshall of the National Union of Students Scotland.

We're still looking for new directors to join the CCG, and involvement with one of our member organisations is not essential. If you are interested, just send us an email telling us why to

Our Annual Report, highlighting some of our main activities over the past year, is now available  to read on our website here, and full details of the organisation's finances will shortly follow. 

On the day, official proceedings were followed by tasty snacks, a presentation on the campaigns of fellow debt justice groups around the world, and lively discussion. 

Hidden Debts: Reviewing 'Sustainability'

Jubilee Scotland will be adding our name to the list of more than 30 civil society organisations worldwide calling for changes to the Debt Sustainability Framework used by the IMF and World Bank.

The current system for evaluting crisis levels - as explained here by our partners at JDC -lacks impartiality, as it these major lenders who are conducting the assessments while overlooking the hidden debts of the Public-Private-Partnerships they continue to promote.

Trouble In China

“The gravity of China’s non-financial corporate debt is that if problems occur with it, China’s financial system will have problems immediately”

Like the world's largest economy, the US, its second largest is also enormously indebted. The total debt of China has quadrupled over the last 10 years to a figure 250% of GDP.  However, China's corporate debt is a particular cause for concern both in China itself and for the global economy as a whole, as reported in this article from the Guardian last month.

Action on Puerto Rico

Puerto Rico Bill

At the very last minute - hours before the 1 July deadline for a payment of $2 billion - a bill to allow the US territory to restructure its huge debt burden was passed by Congress and signed into law by President Obama.

US campaigners had been pushing for action before this date to keep the vultures at bay, but the final bill, known as PROMESA, is far from ideal.  It will impose control by a new Washington-appointed oversight board and will likely heighten resentment about the island's semi-colonial status.

Read more here.

Good News From Tunisia

On June 14th, a bill to pursue an audit of Tunisia's public debt was submitted to the country's parliament. The aim is to establish a truth committee that would work to expose unjust, odious debt that should not be paid. 

This audit would be similar to the one carried out in Greece just last year which uncovered  the illegitimacy of Greek debt and underlined the case for cancellation.

Tunisian MPs seek public debt audit

Fancy writing for our website?

Is there a debt issue you're especially passionate about? Would you like to help spread the word, in your words?

How would you like to write a blog post for the Jubilee Scotland website? If you fancy covering a topical subject of concern to fellow debt justice campaigners, please get in touch by emailing:  

Copyright © 2016 Jubilee Scotland, All rights reserved.

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