You may not have noticed, but the “developing” and “emerging” world is getting increasingly restless over the developed world’s ways of working the international financial system. We have reported on the BRICS Bank concept which is one articulation of the concern that the Bretton Woods institutions are not working for most non-rich countries. And last week, the UN General Assembly – by an overwhelming majority – voted a resolution (backed by the G77 and China group of states) calling for a new international legal framework for sovereign debt restructuring, and condemning vulture funds. For a summary, here is the UN press release.Prime
G77 and China demand change in the international financial system
Jeremy Smith
