The Basic Principles on Sovereign Debt Restructuring Processes, promoted by members of the Group of 77 developing countries and China, reflect demands regarding the need to establish fairer and more equitable debt restructuring mechanisms that social organizations have been making since the 1990s.

Principle number 8 recognizes that restructurings must respect human rights and contribute to “sustained and inclusive” economic growth in debtor countries to minimize the economic and social costs of financial crises. This mirrors some of the points that a group of 100 social organizations underscored last year regarding the capacity of States to strike accords with a majority of their creditors that guarantee the economic, social and cultural rights of their populations. We also contended at that time that the resolution of debt-related conflicts between a State and its creditors should be based on Public International Law and International Human Rights Law.

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