COURT OF APPEALS FOR THE SECOND CIRCUIT B R IE F FO R T H E R EPU B LIC O F FR A N C E A S AMICUS CURIAE IN SU PPO R T O F T H E R E PU B L IC OF A R G EN TIN A 'S P E T IT IO N FO R A W RIT O F C ER TIO R A R I

No. 12-1494
IN THE
JS>upreme Court of thr BJInitrb U tah's
Repu b l ic o f Ar gen tin a ,
Petitioner,
NML Ca pital, Ltd., e t al.
Respondents.
ON p e t it io n f o r w r it o f c e r t io r a r i t o t h e u n it e d s t a t e s
COURT OF APPEALS FOR THE SECOND CIRCUIT
B R IE F FO R T H E R EPU B LIC O F FR A N C E A S AMICUS
CURIAE IN SU PPO R T O F T H E R E PU B L IC OF
A R G EN TIN A 'S P E T IT IO N FO R A W RIT O F C ER TIO R A R I
D iana Billik An dr ew Rhys Davies
A lle n & O v ery LLP (Cou nsel of Record)
52 Avenue H oche Molly C. S pieczny
75379 Paris C edex 08 Micha el Westfal
F rance A lle n & O v ery LLP
1221 Avenue o f th e Am ericas
New York, New York 10020
(212) 610-6300
andrew.rhys.daviesGfallenovery.com
Counsel for Amicus Curiae

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TABLE OF CONTENTS
PAGE
TABLE OF AUTHORITIES............................... iii
INTEREST OF THE AMICUS C U R IA E .... 1
SUMMARY OF THE ARGUMENT................. 4
ARGUMENT........................................................... 6
I. THE COURT OF APPEALS’ AFFIRMANCE
OF AN INJUNCTION DESIGNED
TO COMPEL PAYMENT OF PAST-DUE
SOVEREIGN DEBT DEVIATED FROM
FUNDAMENTAL TENETS OF EQUITY
JURISPRUDENCE........................................ 6
II. THE DECISION OF THE COURT OF
APPEALS THREATENS WIDER
PUBLIC INTERESTS.................................. 7
A. The C ourt Of Appeals' Decision
Will Have A Global Im p act............... 7
B. The Court Of Appeals' Decision
Jeopardizes The Ability Of Sovereign
Debtors To Achieve Orderly And
Negotiated R estructurings Of Their
External D ebt......................................... 10
1. The Court Of Appeals’ Decision
Creates Disincentives For
Creditors To Participate In
Orderly Debt R estructurings ... 10
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PAGE
2. The Court Of Appeals’ Decision
T hreatens The A d Hoc Sovereign
Debt R estructuring Process
And Has Wide Im plications
For Inter-C reditor E q u ity 13
C. The Court Of Appeals' Decision Also
T hreatens Sovereign Lending,
Particularly Development Aid In
The Form Of Loans To Developing
C ountries.................................................. 15
D. C ontrary To The Court Of Appeals’
View, Collective Action C lauses
Do Not Ameliorate The Problems
C reated By Its R uling......................... 17
CONCLUSION........................................................ 21