Explanation of Vote: on Vulture Funds

Explanation of Vote: A/HRC/27/L.26 on Vulture Funds
Statement by the Delegation of the United States of America
As Delivered by Ambassador Keith Harper
U.S. Representative to the Human Rights Council
UN Human Rights Council – 27th Session
Geneva
September 26, 2014

 

Mr. President, I add my voice to those welcoming Foreign Minister Timerman to the Council.

The United States, however, will call a vote and will vote NO on this resolution on the effects of foreign debt and the activities of “vulture funds.”

The United States remains committed to the stability of the international financial system and to the development of its partners around the world. However, this resolution raises serious concerns.

Discussions on mechanisms to advance orderly debt restructuring are technical in nature and if not handled appropriately risk creating uncertainties which could drive up borrowing costs or even choke off financing for developing countries. There are already active discussions underway in other more appropriate fora that take these complex technical considerations into account.

In short, the issues this resolution purports to address fall outside of the scope and mandate of the HRC and do not belong in this forum.

Further, we believe the resolution may prompt states to try to use debt distress as an excuse for human rights violations. This is not acceptable. The state’s responsibility for promoting and protecting human rights and fundamental freedoms is not contingent on its sovereign debt situation.

We call upon all delegations to oppose this resolution and to vote NO. And we will vote no.

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