Parry Pass Pary Ne Coming

Parry pass which just means in latin, equal or equal step, is this old, obscure clause from over century ago at least. In an obscure case involving peru, paul singer's operation, eliot associates, they were trying to sue peru for not paying it. They came up with this incredibly clever strategy using the claus that basically everybody who had written about it in the literature until then said, you know, there's this weird clause, but we don't know why it's there. It's kind of old, and so we repeat it. Fast forward to to day basically every international r in the sovereign debt market changed their clauses in order to preempt this strategy