Sovereign Debt

OMG! SOS! SDRM! ... LOL ... (wherein we uncover the Sovereign Debt Restructuring Conspiracy)

12/20/13

You may have read about those radical plans by the International Monetary Fund (IMF) to force governments to default on their debts as a condition of IMF support.

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Hello, kettle? This is the pot. We should talk.

10/07/13

From the October 7 Financial Times, there's this opinion piece by Elliott's Jay Newman. The gist of it is that, for more than a decade, Elliott has been uber-reasonable in trying to negotiate with Argentina, but that the country has simply refused to discuss how much more it is willing to pay...

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Argentina Gets No SCOTUS Review - Yet (Yawn)

10/07/13

To the surprise of nobody, the Supreme Court rejected Argentina's June 2013 request to review the Second Circuit's October 2012 decision that it violated the pari passu clause in its defaulted bonds. The court gave no reason, which is normal.

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Don't even think about it, Argentina. (And tell us if you do.)

10/04/13

No news as yet about whether the Supreme Court has reached a decision on Argentina's pending petition for certiorari. In the interim, however, the district judge decided to enter this order. Recall that the injunction against Argentina includes a "no workaround" part that forbids the country to take steps to evade the injunction.

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Pari passu poetry (doggerel, more like it...)

09/18/13

We are in a brief pari passu hiatus while we wait for the Supreme Court to decide what it wants to do with Argentina's first petition for certiorari and for the Second Circuit to decide the petitions for panel and en banc rehearing that have been filed by Argentina and others. (Briefs and opinions here).

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Pari Passu Wishful Thinking (Settlement Thought for the Day)

09/05/13

With little to add to Mark's wonderful analysis of the Second Circuit decision in NML v. Argentina and the ensuing crazy, my thoughts drift to settlement.

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Should NML move to lift the stay?

08/29/13

An update on where matters stand in NML v. Argentina: I don't see it listed on the court's calendar on PACER, but the parties reportedly had a meeting scheduled for this afternoon with Judge Griesa to discuss Argentina's plan to let exchange bondholders swap into bonds governed by Argentine law.

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