Monthly Archives: September 2014

Argentina’s Default, Vulture Funds and Sovereign Debt Restructuring

Oscar Ugarteche and Ariel Noyola Rodríguez | Guest Blog | September 23, 2014

On September 9, 2014, the United Nations General Assembly passed a resolution to create a new multilateral legal framework for sovereign debt restructuring processes. The resolution, drafted by Bolivia on behalf of the Group of 77 (consisting of 133 member-countries) plus China, was approved with 124 votes in its favour. There were 41 abstentions and only 11 members (including the US, the UK, Japan, Canada and Israel) voted against it. The resolution notes that “sovereign debt crises are a recurring…

Jan Dhan Yojana: Ambitious but Ambiguous Plan

By Kavaljit Singh | Commentary | September 23, 2014

Jan Dhan Yojana (People’s Wealth Plan) – an ambitious financial inclusion program – was launched amid much fanfare in India on 28^th August, 2014. The initial target of Jan Dhan Yojana is to cover 75 million unbanked households by 26^th January, 2015. The government claims that on the inaugural day, a record 15 million bank accounts were opened across the country under this initiative. Nowhere else in the world, such a large number of bank accounts have been opened…