UN advances in approving debt restructuring

UN advances in approving debt restructuring -

The Argentina Chancellery called it a "historic achievement" approval within the UN a list of principles that will enable the realization of the restructuring of sovereign debt in an efficient and orderly manner, without the obstacles that currently represent the actions of so-called vulture funds.

the agreement materialized in the framework of the Third Session of the Ad Hoc Committee on processes Sovereign Debt Restructuring United Nations and the next step will be approval in General Assembly , in September.

the Argentina delegation to the meeting was attended by secretary of International Relations of the Foreign Ministry, Carlos Bianco, and Argentina's Permanent Representative to the United Nations, Marita Perceval.

the opening of the day today it was attended by the chairman of the United Nations General Assembly Denis Antoine . Also, prior to the adoption of the Report way, the prize Nobel economist Joseph Stiglitz made a presentation in which he emphasized that the results achieved by the Ad Hoc Committee "is the first step to creating a multilateral legal framework for sovereign debt restructuring. "

" This new historic achievement, along with other advances that have occurred in the last year in other international fora and the adoption of laws "anti-vultures" , will limit future rampant speculation of the most recalcitrant funds from the international financial system, setting a global precedent that must be recognized and respected in all jurisdictions where proceedings are instituted in sovereign debt, "said the Foreign Ministry in a statement .

Source: Telam

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