Pope Francis Expected To Push Obama On Puerto Rico

In early public comments this morning, Pope Francis highlighted immigration and climate change in public comments with President Obama, emphasizing building bridges and bringing a message of hope. In private meetings in the White House this morning, however, the papal delegation is additionally expected to deliver an economic message specifically targeting “vulture Hedge Funds” and the credit situation on the island of Puerto Rico, ValueWalk has learned.

Pope Francis brings good news for business, bad news for certain hedge funds

As Pope Francis begins the first leg of a three-city U.S. tour, he will carry a message to President Obama regarding hedge funds involved in the Puerto Rican debt dispute, expressing appreciation for previous support on economic issues while urging the President to take a larger leadership role, according to Eric LeCompte, executive director at Jubliee USA, who is in the White House this morning.

LeCompte expects Pope Francis to advocate Obama to make Puerto Rico a high priority and advocate an economic growth plan that caters to the residents of the island, improving the economy for the long term and thwarting efforts from hedge funds who purchased the government debt after the bankruptcy and who he says are attempting to scuttle efforts to re-organize the island commonwealth’s finances.

“The Pope is bringing good news for business, good news for most investors and certainly good news for the people of Puerto Rico,” LeCompte said. “He is bringing bad news for the narrow group of hedge funds whose desire is to derail economic progress.”

In addition to Pope Francis meeting with President Obama, Vatican Secretary State Cardinal Pietro Parolin and Cardinal Peter Turkson will be meeting with Secretary of State John Kerry and will be encouraging him on Puerto Rico as well. “They want the White House to act on behalf of the people of Puerto Rico, and act now,” LeCompte said.

Pope Francis will tout his economic message at ever stop in his three-city U.S. tour

LeCompte noted that Pope Francis is one of the most economically and technically engaged in the history of the Vatican, and in particular he has taken on economic issues that he sees as critical to the well-being of society. In addition to the Puerto Rico issue, Pope Francis has worked with LeCompte and supports an organized global bankruptcy process for sovereign nations, has taken a hard stand against corporations who avoid paying tax in the regions in which they prosper.

"The Pope believes we need a transparent and sustainable global economy," LeCompte said. “He will push this economic message in all three of his U.S. stops and it will remain a high priority throughout his tenure.” Pope Francis previously met with LeCompte regarding Argentina and its debt problems with hedge funds, an issue in which he is said to have a personal interest due to his experiences as a Cardinal in the region.



Pope Francis Expected To Push Obama On Puerto Rico