In responding to the Second Circuit’s March 1 inquiry as to how Argentina planned to “make current” the “original bonds” held by the plaintiffs, Argentina has once again made it clear that it will not treat the plaintiffs any more favorably than the Exchange Bondholders, no matter what the judicial consequences may be. Further, many of the points that Argentina advances in its reply to the Court’s inquiry have, in our view, already been rejected by the Second Circuit.

On March 1, the Second Circuit directed Argentina to inform the Court “how and when it proposes to make current those debt obligations on the original bonds that have gone unpaid over the last 11 years.” As we read that Order, the focus of the Court’s question (particularly when read in light of the oral argument, held just two days before the Court issued this order) was on the words “make current…the original bonds.”