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UN backs debt restructure plan to avoid Argentina-like cases

The United Nations voted overwhelmingly Thursday in favor of a new global framework for sovereign debt restructuring aimed at avoiding cases like Argentina’s grinding legal battle with “vulture” creditors. The non-binding resolution said countries should adopt principles that would protect sovereign governments from minority creditors which refuse to go along with the majority in mutually agreed debt restructurings. The United States was one of those opposing the resolution.

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