UN GA Resolution Towards the Establishment of a Multilateral Framework for Sovereign Debt Restructuring – New Rules for Global Finance Coalition

What We DoSovereign Debt ConsultationUN GA Resolution Towards the Establishment of a Multilateral Framework for Sovereign Debt Restructuring

UN GA Resolution Towards the Establishment of a Multilateral Framework for Sovereign Debt Restructuring

At September’s UN General Assembly meeting, the GA adopted four resolutions, one of which calls for the establishment of a multilateral legal framework for sovereign debt restructuring.  With 124 votes in favor, 11 against, and 41 abstentions, there is broad global support for a legal framework that would limit harmful speculation, while simultaneously respecting the rights of legitimate creditors and ensuring efficient and predictable restructuring processes for indebted countries.

The full resolution can be found here: http://www.un.org/ga/search/view_doc.asp?symbol=A/RES/68/304&Lang=E