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UN Principles Against Vulture Funds, Argentina's Win
Buenos Aires is the capital city of Argentina, which means "good airs," and that is in fact what it means for the South American nation for the recent approval at the UN of the bases that protect debt restructuring is not only a recognition to Argentina in its litigation against vulture funds, but also a success of its foreign policy.

It was worth the fight, said president Cristina Fernandez last night as she evaluated in a national network the voting by great majority that approved a resolution containing the nine principles that créate a legal framework to protect the process of exchange in the payment of debts. The resolution contains the principles of sovereignty, good faith, transparency, impartiality, equitable treatment, sovereign immunity, legitimity, sustainability and restructuring of the majority.

The process that ended Thursday with the consent of the initiative by 136 votes in favor, six against and 41 abstentions, started last year during the special session period of the General Assembly.

Before that forum at that moment, Cristina Fernandez defended the need to establish a legal framework that protected the restructuring of the sovereign debts in face of speculation by financial groups known as vulture funds and in general before state and financial entities.

Her proposal was brave as ironclad has been the defense of financial sovereignty by her government to face the onslaught of speculative funds under the protection of the U.S. judicial system, making the Argentinean stand all the more dignified.

The proposal was received and sponsored then by the Group of 77 plus China, that upheld it until now.

After months of evaluation, debate and elaboration of a Project, this was supported in the first instance by a UN Special Committee in July and the General Assembly ratified it this Thursday.

In her speech to the nation last night, the dignitary stressed that "many times the governments have as main obligation responding to the needs of its people, but in this opportunity Argentina not only assumed its responsibility with its citizens, but also her solidarious responsibility with the rest of peoples."

Argentinean Minister of Economy, Axel Kicillof, who shared with the President through videoconference from New York, that it was a victory for Argentina the principle of restructuring debts by a majority.

"If a majority decides something, no minority can put obstacles, boycott or sabotage a resolution," said the official.

He said this approval not only favors his country, but all the rest, including developed countries that are going through a process of crisis.

Although the resolution, as the rest of the General Assembly, is not obligatory, "it constitutes a fundamental step against the attacks of vulture funds, as those Argentina is suffering today and other countries too," asseirted Kicillof.

Cristina Fernandez thanked the 136 nations and also the 41 states that abstained, as "we know of the pressures they are against." She also congratulated the diplomatic and economic teams that made it possible.

What has happened at the UN is also a triumph of Argentinean foreign policy because it knew how to benefit from the momento to create a world legal framework that will benefit many.

Be it recognized or not by its detractors, for Cristina Fernandez as president, is also a success of her administration, especially when it is about to end eight years in that post, leaving next December the Casa Rosada in a triumphant style, as well as in the international arena. / By Martin Hacthoun - PL.

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