TUCA welcomes resolution on debt restructuring adopted by UN

The UN General Assembly approved the resolution advocating a series of nine basic principles for the establishment of a global legal framework for sovereign debt restructuring processes.

The nine principles outlined in the resolution include: the right of sovereign states to restructure their foreign debt without conditions; good faith on the part of the debtor and its creditors; transparent negotiations; impartiality; equitable treatment; sovereign immunity from jurisdiction and execution; legitimacy; sustainability, and respect for majority restructuring.

The resolution was an initiative of the Argentine government and was supported by the International Trade Union Confederation (ITUC) and the Trade Union Confederation of the Americas (TUCA), which met with President Cristina Kirchner in New York in 2014 to express their support for Argentina’s position with regard to the legal battle against Vulture Funds.

Within the framework of the global dispute over the domination of capital and its various instruments for the coercion of countries around the world, this resolution represents an important step forward in terms of the measures the international community needs to adopt to stop financial capitalism from stripping our countries of resources to be invested in policies for sovereign development.