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UN to Negotiate Legal Framework for Sovereign Debt Restructuring

The 193-member United Nations General Assembly agreed on Tuesday to negotiate and adopt a multilateral legal framework for sovereign debt restructuring processes to improve the global financial system, spurred by Argentina's debt crisis. A resolution, drafted by Bolivia on behalf of the Group of 77 developing nations and China, was adopted with 124 in favor and 11 against. The United States voted against the measure, saying it would create uncertainty in financial markets, and there...

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