Public Debt and UN principles

Análisis jurídico económico de los principios básicos de reestructuración de deuda pública de la Organización de las Naciones Unidas

Abstract

This paper tackles the UN “Basic Principles on Sovereign Debt Restructuring Processes”, which constitute a set of useful guidelines to resolve conflicts generated by financial crises. To that end, the precedents that originated the creation of these principles are synthetically outlined and the one which is considered the central axis of this document, due to the Argentine experience, is developed more broadly: “majority restructuring”. Furthermore, reflections are made on the principles’ applicability and the aspects that are considered essential in order to strengthen their implementation, with emphasis on its fiscal impact, the influence on exchange rate policies and the effects of the COVID-19 pandemic.