Explainer: Can a New York state law solve an emerging markets debt crisis?

News Snapshot:

NEW YORK/LONDON, June 1 (Reuters) - A bill backed by debt justice campaigners and civil society groups advocating on behalf of economically distressed countries could alter past and future sovereign debt restructurings covered by New York state law - and Wall Street is watching. These are some key points about the bill. WHAT DOES THE BILL PROPOSE? Senate Bill S4747, the NY Taxpayer and International Debt Crises Protection Act, "relates to New York state's support of international debt relief initiatives for certain developing countries." The bill includes limits to state investments into foreign entities and would include private creditors in...