The UN General Assembly has passed a landmark resolution that mandates the UN to create a “multilateral legal framework for sovereign debt restructuring”. Promoted by the G77 countries and triggered by the aggressive vulture funds lawsuits against Argentina, this resolution could be a game changer for the way future debt crises are managed. First and foremost, it has shifted the forum for political debate away from the International Monetary Fund (IMF) towards the UN. However, shamefully the EU’s vote was split over this crucial decision. 

Photo: Social Watch Philippines

Social Watch Philippines challenged Congress to reclaim the power of the purse from the Executive at the SWP-Alternative Budget Initiative’s critique of the proposed 2015 budget at the House Committee on Appropriations CSO consultation last Wednesday, September 10, 2014. SWP-ABI also presented their alternative budget proposals for 2015 in the same meeting.

SWP Lead Convenor Prof. Emeritus Leonor Magtolis Briones presented with a summary of the organization’s analysis of the 2015 proposed budget. She focusing on salient issues Congress faces with the current public finance system, such as congressional scrutiny, debt servicing and stark disparities in regional allocations of the budget.

We are at a crossroads in defining the future of sustainable development. Over the summer, UN member states hashed out some agreement on a proposed set of Sustainable Development Goals (SDGs) and targets, and simultaneously devised a ‘menu of options’ for financing these universal goals. The UN Secretary General’s office is at the grind now to synthesize these proposals and many more into a workable set of recommendations for what the post-2015 sustainable development framework could and should look like.

As the post-2015 process now starts to harden and faultlines become more pronounced, experts and activists from the development, environmental and human rights communities are converging around a fairly straightforward argument.

The Group of 77 and China tabled at the United Nations a draft resolution to start negotiating a multilateral legal framework for the sovereign debt restructuring processes.

By Roberto Bissio*

This joint statement, signed by dozens of human rights organizations from all over the world, has been issued in response to the US Supreme Court decision on Argentina's sovereign debt. It has been coordinated by the Center for Legal and Social Studies (CELS) from Argentina.

In a recent decision, the U.S. Supreme Court denied a petition filed by the Republic of Argentina in the case initiated by the vulture fund NML Capital.