Enforceability of judgments against sovereign States: critical analysis of the NML vs. Argentina injunction
Abstract Sentences against sovereign States are difficult to enforce in courts. The Court of New York, in “NML Capital Ltd. vs. Argentina” (NML), tried to solve this situation with an injunction that blocked the payments of Argentina’s sovereign debt. The specialized literature has theoretically pre...
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| Format: | Article |
| Language: | English |
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Fundação Getúlio Vargas, Escola de Direito
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| Series: | Revista Direito GV |
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| Online Access: | http://www.scielo.br/scielo.php?script=sci_arttext&pid=S1808-24322018000200682&lng=en&tlng=en |
| _version_ | 1826830175307825152 |
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| author | Alejandro Gabriel Manzo |
| author_facet | Alejandro Gabriel Manzo |
| author_sort | Alejandro Gabriel Manzo |
| collection | DOAJ |
| description | Abstract Sentences against sovereign States are difficult to enforce in courts. The Court of New York, in “NML Capital Ltd. vs. Argentina” (NML), tried to solve this situation with an injunction that blocked the payments of Argentina’s sovereign debt. The specialized literature has theoretically predicted that this injunction would cause harm to third parties and problems with other States. This article empirically corroborates these predictions with the analysis of a trial derived from NML: the “Citibank Argentina” case. The analysis of this case confirms the restraints presented by the literature about the lack of proper consideration of the requirements that the American legal system imposes for the applicability of an injunction that affects third parties and operates extraterritorially. Similarly, this paper argues that there are solid legal reasons for the authorities of third countries to declare inadmissible the extraterritorial effects of an injunction, such as the one obtained by NML, when those effects fall on assets and agents located in these authorities jurisdiction. |
| first_indexed | 2024-12-16T07:38:41Z |
| format | Article |
| id | doaj.art-9774573ffd064c348f7e11065d51a1c7 |
| institution | Directory Open Access Journal |
| issn | 2317-6172 |
| language | English |
| last_indexed | 2025-02-16T09:30:44Z |
| publisher | Fundação Getúlio Vargas, Escola de Direito |
| record_format | Article |
| series | Revista Direito GV |
| spelling | doaj.art-9774573ffd064c348f7e11065d51a1c72025-02-03T02:36:12ZengFundação Getúlio Vargas, Escola de DireitoRevista Direito GV2317-617214268270610.1590/2317-6172201826S1808-24322018000200682Enforceability of judgments against sovereign States: critical analysis of the NML vs. Argentina injunctionAlejandro Gabriel ManzoAbstract Sentences against sovereign States are difficult to enforce in courts. The Court of New York, in “NML Capital Ltd. vs. Argentina” (NML), tried to solve this situation with an injunction that blocked the payments of Argentina’s sovereign debt. The specialized literature has theoretically predicted that this injunction would cause harm to third parties and problems with other States. This article empirically corroborates these predictions with the analysis of a trial derived from NML: the “Citibank Argentina” case. The analysis of this case confirms the restraints presented by the literature about the lack of proper consideration of the requirements that the American legal system imposes for the applicability of an injunction that affects third parties and operates extraterritorially. Similarly, this paper argues that there are solid legal reasons for the authorities of third countries to declare inadmissible the extraterritorial effects of an injunction, such as the one obtained by NML, when those effects fall on assets and agents located in these authorities jurisdiction.http://www.scielo.br/scielo.php?script=sci_arttext&pid=S1808-24322018000200682&lng=en&tlng=enDívida soberanafundos oportunistasinjunctionimunidade soberanaextraterritorialidade |
| spellingShingle | Alejandro Gabriel Manzo Enforceability of judgments against sovereign States: critical analysis of the NML vs. Argentina injunction Revista Direito GV Dívida soberana fundos oportunistas injunction imunidade soberana extraterritorialidade |
| title | Enforceability of judgments against sovereign States: critical analysis of the NML vs. Argentina injunction |
| title_full | Enforceability of judgments against sovereign States: critical analysis of the NML vs. Argentina injunction |
| title_fullStr | Enforceability of judgments against sovereign States: critical analysis of the NML vs. Argentina injunction |
| title_full_unstemmed | Enforceability of judgments against sovereign States: critical analysis of the NML vs. Argentina injunction |
| title_short | Enforceability of judgments against sovereign States: critical analysis of the NML vs. Argentina injunction |
| title_sort | enforceability of judgments against sovereign states critical analysis of the nml vs argentina injunction |
| topic | Dívida soberana fundos oportunistas injunction imunidade soberana extraterritorialidade |
| url | http://www.scielo.br/scielo.php?script=sci_arttext&pid=S1808-24322018000200682&lng=en&tlng=en |
| work_keys_str_mv | AT alejandrogabrielmanzo enforceabilityofjudgmentsagainstsovereignstatescriticalanalysisofthenmlvsargentinainjunction |