UNITED NATIONS, Sept 9 (Reuters) – 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 were 41 abstentions.