Friday, September 11, 2015

Gov't considers UN resolution 'highly positive'

Cabinet Chief Aníbal Fernández today praised the approval by the UN General Assembly of an Argentine-sponsored resolution about sovereign debt restructuring principles. “Its highly positive,” he said warning the move “will have retroactive effects.”

"The need to respect the will of the nations was put in first place,” he said in his daily press briefing outside the Government House, adding “next year the United Nations will discuss the debt issue.”

“This morning I have been reading some opinions by analysts which were really bad. They said this UN resolution is not retroactive and the truth is we talk about general principles of the law which are considered pre-existing in these cases,” the gubernatorial candidate added.

Yesterday, a total of 135 countries voted in favour, six voted against and 42 abstained from the vote on a resolution, which says countries should have the freedom to decide their own economic policies, that sovereign immunity should protect their assets abroad and, crucially, that debt restructurings approved by a majority of bondholders should apply to all of them, blocking “vulture” funds.