Legal Advice to Argentina Says Ignore US Supreme Court, Default

A secret memo between the government of Argentina and their US based attorneys may be advising Argentina to disobey a US Supreme Court ruling, according to documents recently unearthed. On May 8, shortly after the memo in question was written, ValueWalk reported that Argentina might ignore US court rulings.  Today's memo appears to confirm that reporting.

Argentina's "best option" is to default, restructure outside US legal jurisdiction

The May 2, 2014 memo from the New York office of Cleary Gottlieb Steen and Hamilton LLP to the government of Argentina, marked PRIVILEGED AND CONFIDENTIAL ATTORNEY CLIENT COMMUNICATION, says the “best option for the Republic” is to default on the...