Ireland, in common with all other EU Member States, was unable to support the UN General Assembly resolution on the modalities for the implementation of General Assembly Resolution 68/304 on the establishment of a multilateral legal framework for sovereign debt restructuring processes. The decision to vote against the Resolution was taken on the basis of its substance and the procedural issues involved. 128 UN member States voted in favour of the resolution, 16, including 10 EU member States voted against and there were 34 abstentions.
In the lead up to the vote, the EU had made extensive efforts and engaged with the proponents of the resolution in the informal negotiation process, coming forward with a range of substantive ideas on moving the process forward.
Despite these efforts, the text of the resolution, which was tabled by Argentina, did not reflect any of the progress made in the informal discussions, and failed to take account of any of the EU proposals. This made it impossible for the EU to support the draft resolution.
The earlier Human Rights Council resolution, “Effects of foreign debt and other related international financial obligations of States on the full enjoyment of all human rights, particularly economic, social and cultural rights: the activities of vulture funds”, which was also tabled by Argentina, was wider in scope than the UN General Assembly resolution. This broader scope enabled Ireland to abstain. Among the 9 EU member states on the Human Rights council, six abstained and three voted against.
Together with many other UN member States, Ireland is actively engaged in ongoing processes to address the issue of sovereign debt restructuring. Ireland considers that the work being undertaken at other levels, including in the IMF and at the Third International Conference on Financing for Development to be held Addis Ababa in July, offer more appropriate and established means for meaningful dialogue on the matter. Ireland will play our full role in working for the success of this crucially important meeting in Addis, which is central to the ongoing negotiations on a new framework for global development to follow on from the Millennium Development Goals. These major international negotiations at the UN are being co-chaired by Ireland and Kenya.
Ireland continues to support processes aimed at resolving global debt issues through dialogue, in the most appropriate forum and using the most appropriate and effective mechanisms to support the countries most seriously affected.
