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Tag "United Nations"

manuel_montes-tnDebt_Sustainability

On 10 September 2015, at its Sixty-Ninth Session, the UN General Assembly in plenary session adopted the resolution on “Basic Principles on Sovereign Debt Restructuring Processes” (A/RES/69/319) in New York, with 135 member States voting for, six against and 42 abstentions.  On the grounds that it would create uncertainty and reduce external financing for developing countries, the United States, supported by developed country allies – European Union countries, Japan, Australia and New Zealand – voted against the proposed General Assembly effort to start work toward a multilateral legal framework in the UN.

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yilmaz-akyuzDebt_SustainabilityIn this column, Yılmaz Akyüz, chief economist at the South Centre in Geneva, looks at the role of international debt workout mechanisms in debt restructuring initiatives and argues, inter alia, that while the role of the IMF in crisis management and resolution is incontrovertible, it cannot be placed at the centre of these debt workout mechanisms because its members represent both debtors and creditors.

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Khor 1UNLeaders meeting at the United Nations are facing a world under attack, and responses are so far not matching the manifold crises.

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Khor 1Debt_SustainabilityMany countries face a worsening debt situation, and thus feel the urgency to curb ‘vulture funds’ and set up a global debt restructuring mechanism.

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Khor 1The United Nations General Assembly opened last week with an electrifying speech by the Brazilian President who attacked US internet spying, with US President Obama in the audience.

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