UN approves resolution on restructuring national debts

The UN General Assembly has approved a resolution setting out nine principles to restructure national debts, calling on debtors and creditors “to act in good faith and with a cooperative spirit” to reach an agreement.

The non-binding resolution, overwhelmingly adopted by a vote of 136-6 with 41 abstentions, follows on two other resolutions approved by the 193-member world body that were spurred by the speculative action that led Argentina to a second default.