If the district court’s rulings are treated as precedent on the issue in other jurisdictions, future voluntary debt restructurings of Greece, Spain, Ireland, or any other country will essentially be rendered impossible

in den USA hat es am 23.2.2012 ein enorm wichtiges Urteil von Judge Griesa gegeben, in dem Argentinien und der BoNY Mellon und der nachgelagerten Abwicklungskette untersagt wurde Zinszahlungen auf die Umschuldungsbonds anzunehmen und weiterzuleiten, wenn nicht garantiert ist das Kläger vs Argy pari passu / pro rata bedient werden.....

aus der Berufungsschrift von CGSH zum Berufungsgericht in NY (CGSH / Buchheit hat auch GRI das Konzept der retroactiven CACerei empfohlen und durchgeführt)

The effect of the
Permanent Injunctions, if not reversed, would not be “to end the litigation.”1
Rather, the injunctions will injure the holders of the billions of dollars of
restructured Republic debt (undoubtedly triggering still more litigation), send the
Republic into another economic crisis, imperil payments to lenders of last resort
like the IMF, the World Bank, the Inter-American Development Bank (“IADB”)
and other multilateral institutions, and make impossible debt restructurings by
Greece, Portugal, Ireland, Spain and other states now or in the future facing similar
financial straits.

S 2

Were these Orders upheld, no doubt other holdout creditors would
seek them as well. The Republic’s debt restructuring, which like all voluntary
sovereign debt restructurings was premised on treating all similarly situated
creditors equally and offering no better terms to one than another, obviously could
not have occurred at all if holdout creditors could have thwarted it in this fashion.
If the district court’s rulings are treated as precedent on the issue in other
jurisdictions, future voluntary debt restructurings of Greece, Spain, Ireland, or any
other country will essentially be rendered impossible.9

9 “Vulture” funds have been reportedly buying up stakes in certain Greek bonds
for this purpose. See e.g., Christopher Whittall, et al., Vulture Funds Prepare to
Battle Greek Default, Int’l Fin. Rev. (Feb. 16, 2012), available at
http://www.ifre.com/vulture-funds-prepare-to-battle-greekdefault/
20048814.article.

S 24





aus

United States Court of Appeals
for the
Second Circuit
NML CAPITAL, LTD., AURELIUS CAPITAL MASTER, LTD.,
Plaintiffs-Appellees,
(continued on inside cover)
— v. —
REPUBLIC OF ARGENTINA,
Defendant-Appellant.
ON APPEAL FROM THE UNITED STATES DISTRICT COURT
FOR THE SOUTHERN DISTRICT OF NEW YORK
BRIEF OF DEFENDANT-APPELLANT
THE REPUBLIC OF ARGENTINA
Of Counsel:
Jonathan I. Blackman
Carmine D. Boccuzzi
Sara A. Sanchez
Michael M. Brennan
CLEARY GOTTLIEB STEEN & HAMILTON LLP
Attorneys for Defendant-Appellant
One Liberty Plaza
New York, New York 10006
(212) 225-2000

mehr zur pari passu clause problematik in:

 http://rolfsparipassublog.blogspot.de/