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" ... More importantly, those policy concerns—which focus on the district court’s interpretation of the pari passu clause contained in the Argentine bond agreement—have nothing to do with the FSIA issue that Argentina will ask the Supreme Court to review. The FSIA addresses the proper scope of injunctive relief issued against foreign nations, not the proper interpretation of pari passu clauses. ... "
" ... They go on to explain that this offer is a legal minefield. Not only are there pari passu violations and unwarranted assumptions about the constitutional standing of previous government decisions, the tender offer imposes losses on private creditors but not on the official sector (my emphasis): ... "