UNITED NATIONS (AP) -- The U.N. General Assembly has approved a plan to develop a new legal framework to restructure national debts, a move aimed at avoiding the kind of speculative action that led Argentina to a second default.
The 193-member world body voted 119-15 with 34 abstentions late Monday in favor of a resolution outlining the plan, which was proposed by developing countries and strongly supported by Argentina. The United States, Britain, Japan, Switzerland and Canada were among those voting "no."
Under the plan, the General Assembly will establish a committee open to participation by all member states to negotiate a legal framework during the current session, which ends next September. It invites other U.N. bodies, financial institutions, the private sector, academia and others to contribute to the committee's work.