“America can no longer allow countries that take advantage of our large domestic market to get away with defaulting on their debts, particularly when it hurts our workers and retirees.”
— James Hoffa, President, International Brotherhood of Teamsters (Letter to Peruvian Ambassador to U.S.)
POLITICO, 4/11/17
Contact your Congressmen and Senators to demand they stand up for their constituents by pressuring Peru to fulfill its debt obligations, or punishing them if they don’t:
Hardworking Americans stand to lose millions in retirement savings – State, municipal and trade union pension funds across the country have exposure to agrarian bonds through investments they made in good faith based on Peru’s promise to pay. Peru reneged on that promise, yet the U.S. maintains a free-trade agreement with Peru and continues to provide millions per year in aid.
Universities, endowments and foundations could also lose millions – These nonprofit entities are among the many American institutional investors that could be harmed by Peru’s refusal to pay the agrarian reform bonds.
Other fellow Americans are being wronged by Peru – Most bondholders are former Peruvian farmers, including many who are now U.S. citizens. By expropriating property from Americans without “adequate and effective compensation,” Peru is violating the terms of the U.S. foreign aid it receives. Peru is also violating its free-trade agreement with the U.S.
“America can no longer allow countries that take advantage of our large domestic market to get away with defaulting on their debts, particularly when it hurts our workers and retirees.”
— James Hoffa, President, International Brotherhood of Teamsters (Letter to Peruvian Ambassador to U.S.)
POLITICO, 4/11/17