Italy has one of the most vulnerable pari passu clauses in the market, expressly promising to pay amounts due on the debt securities “equally and ratably with…all other general loan obligations of Italy.” The government quietly stripped this language from its latest Fiscal Agency Agreement:

Italy has one of the most vulnerable pari passu clauses in the market, expressly promising to pay amounts due on the debt 
securities “equally and ratably with…all other general loan obligations of Italy.” The government quietly stripped this language 
from its latest Fiscal Agency Agreement:
The Securities are the direct, unconditional and general and …unsecured obligations of Italy and will rank equally with
all other evidences of indebtedness issued in accordance with the Fiscal Agency Agreement and with all other unsecured
and unsubordinated general obligations of Italy for money borrowed, except for such obligations as may be preferred by
mandatory provisions of international treaties and similar obligations to which Italy is a party.… Amounts payable in
respect of principal of (and interest on) the Securities will be charged upon and be payable out of the [Treasury of Italy],
equally and ratably with all other amounts so charged and amounts payable in respect of all other general loan obligations of Italy.
3
[marked to reflect changes from 2003]
On March 4, 2013 Taiwan’s Export-Import Bank tried to stop Grenada from servicing the debt it restructured six years ago unless
it also paid Taiwan on the ratable payment theory. While Ex-Im Bank’s complaint closely tracks NML’s, Grenada’s debt contracts
are less vulnerable than Argentina’s, and Taiwan’s procedural posture is less favorable than NML’s, since it holds a judgment.
However, Grenada has announced another debt restructuring, and the lawsuit could complicate it.

http://www.iie.com/publications/pb/pb13-12.pdf