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…