Inhaltsangabe des amicus curiae der US-Regierung

TABLE OF CONTENTS
PAGE
Interest of the United States . . . . . . . . . . . . . . . . . . . 2
ARGUMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
POINT I—THIS COURT SHOULD REJECT THE DISTRICT
COURT’S INTERPRETATION OF THE PARI PASSU
CLAUSE IN SOVEREIGN DEBT INSTRUMENTS .. . . . 6
A. The United States Has Long Promoted
Consensual, Orderly Sovereign Debt
Restructuring Efforts Within a Framework of
Contractual Certainty . . . . . . . . . . . . . . . . . 6
B. The District Court’s Interpretation of the
Pari Passu Clause Disrupts Settled
Expectations, and Is Incorrect as a Matter of
Law and Adverse to the United States’ Policy
Interests. . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
1. The Ratable Payment Interpretation of
the Pari Passu Clause Is Incorrect and
Creates Uncertainty in Sovereign
Contractual Relationships . . . . . . . . . . 10
a. Longstanding Market Practice
Supports a Narrow Reading of the
Pari Passu Clause . . . . . . . . . . . . . 11
b. The Ratable Payment Interpretation
of the Pari Passu Clause Deviates
From This Settled Market
Understanding .. . . . . . . . . . . . . . . 13
2. The Ratable Payment Interpretation of
the Pari Passu Clause Would Disrupt the
Orderly Resolution of Sovereign Debt
Crises . . . . . . . . . . . . . . . . . . . . . . . . . . 17
3. The Ratable Payment Interpretation of
the Pari Passu Clause Could Prevent
Sovereign Debtors From Servicing Debts
to International Financial
Institutions .. . . . . . . . . . . . . . . . . . . . . 19
POINT II—THE DISTRICT COURT’S ORDERS ARE
IMPERMISSIBLY BROAD . . . . . . . . . . . . . . . . . . . . 21
A. The Orders Contravene the Purpose and
Structure of the FSIA . . . . . . . . . . . . . . . . . 22
B. The Orders Are Harmful to the United
States’ Foreign Relations . . . . . . . . . . . . . . 28
CONCLUSION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30