AlQa'dah 15, 1435, Sep 10, 2014, SPA -- The U.N. General Assembly voted overwhelmingly in favor of a resolution that calls for adoption of a new legal framework to restructure national debts and avoid the kind of speculative action that led Argentina to a second default. The resolution, proposed by developing countries, was approved Tuesday by a vote of 124 to 11, with 41 abstentions. General Assembly resolutions reflect global opinion but they are not legally binding. The United States voted against the resolution, saying such a legal framework would create uncertainty in financial markets. But Argentinean Foreign Minister Hector Timerman praised the measure, saying it will create a new system "the respects the majority of creditors and permits countries to emerge from a crisis in a sustainable way." Timerman and Bolivian U.N. Ambassador Sacha Llorenti Soliz, who heads the Group of 77, which represents 132 developing countries, said members will talk to countries that voted against the resolution in hopes of reaching an agreement with them on a framework. The Group of 77 then will return to the General Assembly next year with a new resolution on debt restructuring, the Bolivian ambassador said.
