With 124 votes in favour, 11 against and 41 abstentions, the United Nations (UN) General Assembly voted on 9 September to adopt a resolution “towards the establishment of a multilateral legal framework for sovereign debt restructuring processes”. Axel Kicillof, Argentina’s economy minister, called the vote “historic” and argued it would prevent “three millionaires putting the lives of 40 million people at risk”. Though the vote gave the Argentine government some cause for celebration, it will have no impact on its current stand-off with hold-out creditors. End of preview - This article contains approximately 636 words.
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