LATEST NEWS: UN set to create framework for global bankruptcy process in wake of Argentina debt crisis

The United Nations is set to formally begin negotiations to create a global bankruptcy process after Argentina’s long-running case with the so-called “vulture funds” prompted international authorities tocreate a new system.

The international body voted 128 to 16 in favour of a resolution to formally begin negotiations tocreate a global bankruptcy process. In September, the UN General Assembly voted in favour of a legalbankruptcy framework for countries.

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