"Multilateral legal framework to regulate debt restructuring processes: views by the Independent Expert", 5 September, 2014

On 5 September 2014, the United Nations Independent Expert on foreign debt and human rights, Juan Pablo Bohoslavsky, sent a letter to the Chairman of the Group of G77 and China, expressing his views on an initiative in the General Assembly to establish an international legal regulatory framework for sovereign debt restructuring processes..."Vulture fund litigation not only prevents heavily indebted poor countries from using resources freed up by debt relief for their own development programs, but also complicates debt restructuring processes as they create a fundamental moral hazard problem"...Bohoslavsky argued..."Financial markets need more prudence, not less"...Drawing attention to the Guiding Principles on Foreign Debt and Human Rights (A/HRC/20/23) and the Guiding Principles on Business and Human Rights (A/HRC/17/31), the Independent Expert stressed that international human rights law should inform discussions about a multilateral convention from its inception.