UN General Assembly approves plan to develop new legal framework to restructure national debts

December 30, 2014 2:35 AM

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UNITED NATIONS – The U.N. General Assembly approved a plan late Monday to develop a new legal framework to restructure national debts, a move aimed at avoiding the kind of speculative action that led Argentina to a second default.

The 193-member world body voted 119-15 with 35 abstentions in favor of a resolution outlining the plan, which was proposed by developing countries and strongly supported by Argentina. The United States, Britain, Japan, Switzerland and Canada were among those voting "no."

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