UN again questioned the actions of vulture funds

UN again questioned the actions of vulture funds -

The United Nations (UN) again expressed its concern in a document by the actions of vulture funds , referring to "the ability of minority bondholders uncooperative and hinder" the restructuring of sovereign debt.

"We are concerned capacity minority bondholders who do not cooperate and that hinder the will of the vast majority of bondholders accept the restructuring of the obligations of a country's debt crisis, given the wider implications this might have in other countries, "declares the final document of III Conference of the United Nations Conference on Financing for Development , which was held in Addis Ababa, Ethiopia.

the conference brings together representatives of 10 countries with the aim of establishing a global financing framework for sustainable development in line with Agenda Post-2015 development of the United Nations.

the actions "extortion" vulture funds was one of the main themes of the Conference and was discussed in several sections and round tables, indicated the Foreign Ministry said in a statement.

Among participants who referred to the issue was the Nobel prize in Economics Joseph Stiglitz , who stressed on several occasions the importance of the discussions that are taking place in the United Nations.

the Final Document highlights the legislative measures adopted by several countries and encourages all governments to undertake initiatives along the same lines, as well as continuing advances that have occurred in the generation of contractual clauses reinforced to prevent speculation and abuses of vulture funds.

also agreed to increase the monitoring of post debt restructurings litigation, particularly through legal assistance to the least developed countries

. Source: Telam

Next Post »