Argentina Wins Overwhelmingly At UN, But 11 No Votes Matter Most

In a nod to Argentina’s position, the UN General Assembly strongly endorsed a new legal bankruptcy framework for sovereign debt restructuring. But it was those who voted against it that may matter most. Argentina’s advocated bankruptcy process could make debt restructuring difficult The bankruptcy process being advocated could make it more difficult for “hold-out investors” such as NML Capital and Paul Singer to block sovereign nations from debt restructuring, a move supporters say could limit future defaults. The 124-11 vote with 41 abstentions was a world popularity contest that, while overwhelming in its super majority for organized debt restructuring, might…