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Center of Concern salutes historic agreement to decisively address sovereign debt crises

Center of Concern | Sat, Sep 13, 2014

 

On September 9, 2014, in a historic vote, the General Assembly adopted a resolution that sets up a time-bound process to negotiate and adopt a multilateral legal framework for sovereign debt restructuring.

Center of Concern has consistently advocated the need to adopt such framework as a crucial reform to address a gap in the international financial system that imposes unnecessary costs on the poorest people living in countries undergoing debt crises.

After the vote, Center of Concern team member Aldo Caliari welcomed the newly adopted resolution. “All countries promised to take this step in 2002 at the International Conference on Financing for Development, and here we are, 12 years later, just beginning the process,” he said. “The fact that after all this time we heard today some countries justify their negative vote by saying that the initiative was ‘rushed’ saddens us and reflects the sorry state of international solidarity. But the important thing is that the UN, as a whole, in spite of some members, worked and claimed this important mandate to take leadership and action where nobody else is doing so.” (Read an article reporting on this development)