“Four decades later, for families like mine and countless others, the (Peruvian) government still has not kept that promise. Despite the fact that Peru now has a flourishing democracy and strong economy, it has chosen bond default over repayment.”
— Antonio Llaveria, Georgia Resident & PABJ Director
The Hill, 11/12/15
Stand up for your constituents—and:
Protect their retirement savings – State, municipal and trade union pension funds across the U.S. have exposure to agrarian bonds through their investments. If Peru fails to make good on its debt, these hardworking citizens will lose millions of dollars in retirement savings. Universities, endowments and foundations also stand to lose millions of dollars.
Ensure adequate disclosure to multilateral organizations – As a member country of the International Monetary Fund (IMF), Inter-American Development Bank (IADB), and World Bank (WB), Peru has improperly concealed its agrarian reform debt from all three groups. Peru has also deceived the Organisation for Economic Co-operation and Development (OECD) about the country’s debt in its efforts to join that organization.
Enforce the Helms-Burton Act and end U.S. aid to Peru – Many descendants of Peruvian farmers whose land was seized are now U.S. citizens who inherited agrarian bonds. That property was expropriated without “adequate and effective compensation,” yet the U.S. continues to provide tens of millions of dollars in aid to Peru annually.
End the U.S.-Peru Free Trade Agreement (PTPA) – At a time when the U.S. is revisiting trade and other agreements—even with its closest allies—it should not have a trade pact with a country that is flagrantly stealing from American citizens.