In what was hailed as a historic breakthrough in international law, a United Nations (UN) committee has unanimously adopted nine principles upon which new regulatory mechanisms could be built to tackle sovereign debt crises.
The United Nations Ad hoc Committee on Sovereign Debt Restructuring Processes adopted nine Principles on Sovereign Debt Restructuring Processes. The work of the Ad Hoc Committee on Debt Restructuring Processes was comprised of three plenary working sessions, academic contributions, informal consultations, discussion on the Chair’s Elements Paper on Sovereign Debt Restructuring Processes.