Attorneys acting for the state of Argentina have filed papers to overturn a ruling that would oblige the country to reward American speculators who were hoping to make a killing trading in defaulted Argentine bonds.
The gist of the Argentinian argument is that a sovereign state is not obliged to abide by rulings handed down in another state.
Makes sense to me.
The spectacle unfolding before us is a crucial battle between the common good and private interests. What's different here is that we have a sovereign state arguing for the common good, and another sovereign state acting on behalf of the private interests.
Do American courts have the right to impose their remedies beyond the borders of America?
The Singer camp apparently believes so. It's Paul Singer's bond funds that have spear-headed this drive to impose American jurisprudence on the planet.
And why not? If they can pull this off, American lawyers will indeed be the masters of the universe!