UN Condemns Vulture Fund Assaults Against ALL Nations - (11 against: including the U.S., Germany & Japan)

On Sept. 9, the United Nations General Assembly overwhelmingly supported a convention to protect nations from predatory funds. The resolution, proposed by Argentina and backed by the Group of 77+China, calls for creating a framework for regulating debt restructuring processes, to prevent vulture funds from blocking agreements with most creditors as they have done in Argentina. The vote was 124 in favor, 11 against (including the U.S., Germany and Japan), 44 abstentions.

Contributed to HellasFrappe by
EIR Strategic Alert

The text calls for “intergovernmental negotiations” to create a framework, fostering “predictability of the international financial system, and achieving equitable and inclusive growth.”

In a nationally-televised speech the same evening, a very happy President Cristina Fernandez de Kirchner told her fellow citizens that “we should all feel very proud” of this great “diplomatic success...which isn’t just Argentina’s but rather of all nations of dignity which defend the rights of their people.”

Thanking those who supported the measure -- she particularly highlighted the leadership of the G-77 + China -- and even those who abstained “because of their commitments,” the Argentine
President then pointedly addressed the eleven countries that voted against it:

     “Perhaps some day they will understand that we need a more balanced world, a more just one with more doves and fewer vultures. We are fed up with the hawks and the vultures! ... The large nations may have looked the other way, but they know that it’s not Argentina’s future that depends on these things, but the future of the entire planet!”