The Geneva-based United Nations Human Rights Council passed a resolution on Sept. 26 condemning "the activities of vulture funds" and regretting the effect payments to the funds could have "on the capacity of governments to fulfill their human rights obligations." The resolution was presented by Argentina, which was forced into technical default on July 30 after US district judge Thomas Griesa in New York blocked the country from paying interest to its bondholders unless it settled with US two hedge funds, NML Capital and Aurelius Capital Management; the two companies are known as "vulture funds," investment groups that try to profit by buying weak debt the debtors are likely to default on. Argentina's effort in Geneva was backed by Algeria, Brazil, Russia and Venezuela. The Human Rights Council approved the resolution in a 33-5 vote, with nine countries abstaining; the opposing votes came from the US, UK, Czech Republic, Germany and Japan. "Vulture funds aren't just an economic problem," said Argentine foreign minister Héctor Timerman, who was in Geneva for the vote. "They represent a political, social problem that affects the lives of all the citizens" in many countries since they deprive governments of resources they could use for social services.

The International Court of Justice (ICJ) in The Hague said on Aug. 7 that Argentina had asked it to take action against the US for what the South American country called "violations of Argentine sovereignty and immunities and other related violations as a result of judicial decisions adopted by US tribunals" that interfered with the payment of its debts. Financial services agencies declared Argentina in default on July 30 when it failed to arrive at a settlement with a small group of investors led by US hedge funds NML Capital and Aurelius Capital Management. A federal judge in New York, Thomas Griesa, had ruled that unless it had an arrangement with the hedge funds, Argentina couldn't make payments to the majority of its creditors, who had agreed to accept discounted exchange bonds.

The US financial services company Standard & Poor's Ratings (S&P) declared Argentina in default the afternoon of July 30 after last-minute negotiations failed to produce an agreement between the country and a group of creditors who insisted that they be paid in full for the $1.5 billion in Argentine bonds they own. This was Argentina's second default since an economic collapse in December 2001 brought on by a decade of extreme neoliberal austerity and privatization measures. Opinions were divided on how the new default would affect the country, which was already entering a recession. "The ordinary Argentine citizen will be the real and ultimate victim," Daniel Pollack, the mediator appointed by a US federal court in New York, said in a statement. But Argentine Economy Minister Axel Kicillof was defiant. "We aren't going to sign any agreement that would jeopardize the future of Argentines," he said at a news conference after the negotiations ended on July 30.

The BRICS group of five nations—Brazil, Russia, India, China and South Africa—held its sixth annual summit this year from July 14 to July 16 in Fortaleza in the northeastern Brazilian state of Ceará and in Brasilia, the Brazilian capital. The main business for the five nations' leaders was formalizing their agreement on a plan to create a development bank to serve as an alternative to lending institutions like the International Monetary Fund (IMF) and the World Bank, which are largely dominated by the US and its allies. Although the project will need approval from the countries' legislatures, the BRICS leaders indicated that the group's lending institution would be called the New Development Bank, would be based in Shanghai and would be headed for the first five years by a representative of India. The bank is to start off in 2016 with $50 billion in capital, $10 billion from each BRICS member. The BRICS nations will maintain control of the bank, but membership will be open to other countries; in contrast to the IMF and the World Bank, the New Development Bank will not impose budgetary conditions on loan recipients.

Some 3,000 campesinos, including children and seniors, some with musical instruments, staged sit-ins on June 26 in the states of Goiás, Bahía and Piauí at 18 branches of Brazil's two largest state-owned banks, the Banco do Brasil and the Caixa Económica Federal. The day-long protest, organized by the Popular Campesino Movement (MCP), targeted budget cuts in the government's popular low-income housing program, My House My Life; MCP leaders said 950 campesino families had been dropped from My House My Life's National Rural Habitation Program (PNHR). The group demanded an increase in housing construction for the rest of this year, payment for projects already in progress, and improvements in the PNHR for next year. "The campesino families are struggling for a dignified life and don't accept having to wait more time for reform, enlargement [of the program] and construction of housing," the MCP said in a statement. "Waiting longer means increasing the exodus from the countryside and increasing the problems of rural life."

The governments of Brazilian president Dilma Rousseff and São Paulo mayor Fernando Haddad reached an agreement on June 9 with the Homeless Workers Movement (MTST) ending the threat that the group's protests would disrupt the June 12 opening game of the 2014 World Cup soccer championship. Officials agreed to build some 2,000 housing units in vacant private land where about 4,000 homeless people had set up an encampment, "The People's Cup," near the site of the first game, São Paulo's Arena Corinthians. The land occupation started a month earlier as a protest against the allocation of money to sports events rather than inexpensive housing. The MTST also won greater flexibility in the implementation of a federal housing program and a commitment to create a federal commission to prevent forced displacements of homeless people. In exchange the MTST in effect agreed to end its mobilizations, which were the largest of the protests that swept São Paulo in previous weeks.

As of May 18 a group of Argentine activists were continuing an encampment they had set up on April 21 at the Obelisk in Buenos Aires' Plaza de la República to push their demands for improved services in the city's 17 marginal communities, known in Argentina as "villas." The action's sponsor, the leftist Independent Villa Residents' Current, was calling on the government of right-wing Buenos Aires mayor Mauricio Macri to declare a housing, health and educational emergency in the impoverished communities; to formalize their status as urban areas; to carry out audits of the cooperatives and businesses that work in the neighborhoods; and to regularize rents and housing subsidies. A statement by the group denounced what it called "the model of two cities that Macri proposes, where the rich city excludes the poor one…while officials of the city government don't hide their intention to fill their pockets." Leftist groups have confronted the Macri government in the past over plans that they say favor real estate interests over the needs of the majority of city residents.

A large part of Argentina's labor movement participated a 24-hour general strike on April 10 to demand increases in wages and pensions and to protest the economic policies of President Cristina Fernández de Kirchner. With support from the Automatic Tramways Union (UTA) and three airline workers' unions, the strike shut down surface trains, subways, air service, schools and businesses in many parts of the country. Union leaders said the action was 90% effective, and the Argentine business consulting firm Orlando Ferreres & Asociados S.A. set the losses for the day at almost $1 billion. Government officials and Fernández supporters downplayed the significance of the strike, charging that relatively few workers actively participated and that people stayed home only because transportation was cut off by the UTA and by roadblocks that leftist parties and groups had set up.