On September 10, the UN General Assembly will vote on a resolution to adopt “Basic Principles on Sovereign Debt Restructuring Processes” (“Basic Principles”).

The “Basic Principles” bring to a culmination work by a committee of the UN General Assembly that concluded last July. While they bring to closure the work of this body, at the same time they represent the first step in a process towards introducing institutions that can deal on a more fair and humane way with situations of sovereign debt crises, a demand that had been at the forefront of civil society struggles for a long time.

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