Small essay writen for the University of Turin, June 2022.
Abstract:
This essay examines the present global context of the power relations and the difficulties which involve the creation of a Human Rights aligned global framework for the restructuring of the Sovereign Debt which would protect a large amount of people to suffer from adverse impacts caused by any stronger financial instability if their countries had to apply all of their resources to pay their sovereign debts in a forced, non humanized and unstructured manner. Theoretical papers, internet news, as well as the United Nations General Assembly and the United Nations Human Rights Council resolutions on this topic were examined in light of the Basic Principles in Sovereign Debt Restructuring Processes, which should be the core principles over which a global regulatory framework should be developed. It is also considered the important role of every State, especially the ones which have been harmed, to stand for their rights to be respected and improve their efforts to drive their own agenda aiming at the creation of a fairer, more democratic and equitable international order, one that truly embraces all its actors, bringing benefits to their populations, enhances Human Rights respect and protects the of States with equanimity.
Keywords: Sovereign Debt Restructuring; International Development; Human Rights; Guiding Principles
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