Question: In an attempt to stabilize its currency Argentina and its
In an attempt to stabilize its currency, Argentina and its central bank, Banco Central (collectively Argentina), issued bonds called Bonods. The bonds, which were sold to investors worldwide, provided for repayment in U. S. dollars through transfers on the London, Frankfurt, Zurich, and New York markets at the bondholder’s election. Argentina lacked sufficient foreign exchange to pay the bonds when they matured. Argentina unilaterally extended the time for payment and offered bondholders substitute instruments as a means of rescheduling the debts. Two Panamanian corporations and a Swiss bank refused the rescheduling and insisted that full payment be made in New York. When Argentina did not pay, the Panamanian corporations brought a breach of contract action against Argentina in U. S. District Court in New York. Argentina moved to dismiss, alleging that it was not subject to suit in U. S. courts, under the federal Foreign Sovereign Immunities Act (FSIA). The plaintiffs asserted that the commercial activity exception to the FSIA applied that subjected Argentina to lawsuit in U. S. court. Is Argentina subject to the lawsuit in the United States? Republic of Argentina v. Weltover, Inc., 504 U. S. 607, 112 S. Ct. 2160, 1992 U. S. Lexis 3542 (Supreme Court of the United States)
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