{"id":80169,"date":"2014-09-10T06:11:10","date_gmt":"2014-09-10T11:11:10","guid":{"rendered":"https:\/\/selasite.azurewebsites.net\/un-approves-new-legal-framework-for-debt-restructuring\/"},"modified":"2014-09-10T06:11:10","modified_gmt":"2014-09-10T11:11:10","slug":"un-approves-new-legal-framework-for-debt-restructuring","status":"publish","type":"post","link":"https:\/\/rmtsolutions.net\/sela\/un-approves-new-legal-framework-for-debt-restructuring\/","title":{"rendered":"UN Approves New Legal Framework for Debt Restructuring"},"content":{"rendered":"<p>United Nations, September 10, 2014.- The United Nations voted in favour of a new legal framework that will serve as a guide for countries restructuring their debts, as is the case with Argentina and the vulture funds.<\/p>\n<p\/>    124 countries voted in favour of the proposal, with just 11 voting against, and 41 abstentions.<\/p>\n<p\/>    Among those nations who voted against the proposal were the United States, the United Kingdom, Israel, Germany, Czech Republic, Australia, Japan and Finland.<\/p>\n<p\/>    The debate was led by the Argentine Foreign Minister Hector Timerman and will end with a vote on the new resolution.<\/p>\n<p\/>    The G-77 group voted at the end of August unanimously to debate the issue at the United Nations and to create new rules to regulate international debt restructurings.<\/p>\n<p\/>    A part of the U.N. resolution states that, \u201cRecognizing the need to create a legal framework that facilitates the orderly restructuring of sovereign debts, allows the re-establishment of viability and growth without creating incentives that inadvertently increase the risk of non-compliance and acts as a deterrent to disruptive litigation that creditors could engage in during negotiations to restructure sovereign debts\u201d.<\/p>\n<p\/>    The debate at the U.N. is a result of the worldwide alarm at the Argentine case, and the fear that the ruling by the U.S. Supreme Court in favor of the vulture funds could have a negative impact on other countries.<\/p>\n<p\/>    The new reform could empower poor countries against predatory funds and limit future defaults.<\/p>\n<p\/>    Even large institutions like the International Monetary Fund and World Bank have expressed concerns that the victory for the predatory hold out funds would make debt restructuring more difficult.<\/p>\n<p\/>\n","protected":false},"excerpt":{"rendered":"<p>UN Approves New Legal Framework for Debt Restructuring<\/p>\n","protected":false},"author":1,"featured_media":74019,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[],"class_list":["post-80169","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boletines-regionales"],"acf":[],"_links":{"self":[{"href":"https:\/\/rmtsolutions.net\/sela\/wp-json\/wp\/v2\/posts\/80169","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/rmtsolutions.net\/sela\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/rmtsolutions.net\/sela\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/rmtsolutions.net\/sela\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/rmtsolutions.net\/sela\/wp-json\/wp\/v2\/comments?post=80169"}],"version-history":[{"count":0,"href":"https:\/\/rmtsolutions.net\/sela\/wp-json\/wp\/v2\/posts\/80169\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/rmtsolutions.net\/sela\/wp-json\/wp\/v2\/media\/74019"}],"wp:attachment":[{"href":"https:\/\/rmtsolutions.net\/sela\/wp-json\/wp\/v2\/media?parent=80169"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/rmtsolutions.net\/sela\/wp-json\/wp\/v2\/categories?post=80169"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/rmtsolutions.net\/sela\/wp-json\/wp\/v2\/tags?post=80169"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}