Legal risks and ongoing appeal
The Government also questioned the legality of transferring shares that are not physically located in the United States, noting that there is no Second Circuit precedent allowing the enforcement of sovereign assets outside the territory. In addition, officials emphasized that there is no urgency on the part of the plaintiffs and that the status quo should be maintained until the appeal is solved.
Meanwhile, the Office of the Treasury Attorney indicated that if Preska doesn't grant the suspension of the ruling, it will proceed with a formal appeal before the Second Circuit Court in New York, which will include a new request for a precautionary suspension.
Public interest and defense of sovereignty
The State's attorneys emphasized that immediate enforcement could cause a large-scale economic and political impact. In addition, officials recalled that any transfer of state shares requires approval from the Argentine Congress, which would make compliance with the ruling unfeasible.
"This is a complex, unprecedented process in which no harm to the plaintiffs has been demonstrated. The Republic will continue litigating in defense of sovereignty and the public interest," official sources stated.
