Daily Archives: October 13, 2015

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Nobel Prize: Nomadic priest that migrants call for help

The Tablet

A nomadic priest who drifts from place to place looking for refugees to help is the unlikely rival to Pope Francis for the Nobel Peace Prize.

Father Mussie Zerai tracks distress calls of migrants who phone him and informs the coastguard to come and rescue them. Father Mussie Zerai tracks the distress calls of migrants who phone him and contacts the local coastguard to come and rescue them (PA)
Father Mussie Zerai tracks distress calls of migrants who phone him and informs the coastguard to come and rescue them. Father Mussie Zerai tracks the distress calls of migrants who phone him and contacts the local coastguard to come and rescue them (PA)

Fr Mussie Zerai, an Eritrean catholic priest has been nominated for the 2015 prize for his role in helping migrants trying to reach Europe.  Fr Zerai, 60, has been a running a hot-line for the migrants, who have been undertaking the deadly voyages across the Sahara Desert and turbulent waters of the sea waters that separate Africa and Europe.

He has also set up a center to receive distress calls from migrants trapped in the desert or sinking boats in the sea waters. The priest has been nominated alongside Pope Francis, whose nomination is pegged on his focus on social justice and the environment. Continue reading Nobel Prize: Nomadic priest that migrants call for help →

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US hedge fund threatens Peru with law suit over debt

BBC
Peru’s Finance Minister Alonso Segura said country would oppose legal challenge. A US hedge fund has threatened to sue Peru over bonds issued by the country’s former military regime.

Connecticut-based hedge fund Gramercy purchased the defaulted debt at a discount in 2008 after other bondholders failed to reach a deal.

Peru’s finance minister said the government would oppose any legal action outside its borders. Purchasing defaulted bonds on the cheap to make a profit in a settlement is a common hedge fund tactic.

The South American country defaulted on the $5.1bn (£3.33bn) in bonds in the 1980s. Gramercy has threatened to bring a claim against Peru under a tribunal system established in a US-Peruvian trade deal.

This type of action has been called “predatory” by groups in favor of sovereign debt relief plans. Argentina has been engaged in a prolonged court battle with hedge funds over bonds it defaulted on in 2005.

This week Peru has played host to meetings of the World Bank and International Monetary Fund (IMF). Among the topics discussed was how to help country’s restructure debt after a default to avoid drawn-out court battles.