By Bhumika Muchhala* | IDN-InDepthNews Analysis
GENEVA (TWN | IDN) – The United Nations General Assembly adopted a resolution on principles to guide sovereign debt restructuring processes on September 10.
This landmark resolution was submitted to the General Assembly by South Africa (current chair of the Group of 77 and China developing countries). It was initiated by Argentina in the wake of the vulture funds lawsuit by an international hedge fund against the country.
The resolution yielded a ‘yes’ vote from 136 countries from Latin America, Asia, Africa and the Caribbean. A ‘no’ vote was registered by 6 countries: the United States, Germany, the United Kingdom, Japan, Canada and Israel. An ‘abstain’ vote, meaning that these countries abstained from voting either yes or no, was registered by 41 countries.