UN General Assembly Votes to Negotiate Sovereign Debt Restructuring. (The United States voted against the resolution)

Reacting to Argentina's battle about its past debts with what it calls predatory hedge funds, the UN General Assembly on Tuesday approved a resolution by 124 votes to 11, with 41 abstaining, which "decides to elaborate and adopt through a process of intergovernmental negotiations, as a matter of priority during its sixty-ninth session, a multilateral legal framework for sovereign debt restructuring processes."

The United States voted against the resolution, sponsored by the Group of 77 and China, saying that it would introduce uncertainty into financial markets.