Ep 122 ft. Greg Makoff
Clauses & Controversies
The importance of peripassu in debt restructuring and sovereign immunity
The key insight is the significance of peripassu in debt restructuring and enforcement against foreign sovereigns. The speaker explains how in the case of Elliot versus Argentina, peripassu gave the plaintiffs leverage in their attachment efforts. Without a waiver of sovereign immunity or a peripassu clause, such efforts are ineffective, as seen in the YPF judgment where the lack of these clauses led to unfavorable outcomes. The lesson learned from the Argentina story is that peripassu was crucial in providing leverage for the plaintiffs, leading to settlements in the absence of other options.
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