The government of Argentina has expressed optimism that the U.S. Court of Appeals for the Second Circuit will reverse the erroneous decision of the District Court, recognizing that U.S. courts should not intervene in cases that fall under other jurisdictions. Argentine legal officials state that this case, driven by Burford Capital, aims to deliberately interfere with Argentina's economic and reputational recovery. They argue that this reflects the modus operandi of previous governments where certain business groups, shielded by political power, enriched themselves without risk and broke without accountability. The government highlights that Burford Capital acquired the claim for only 15 million euros and is now seeking a profit of over 37,000% at the expense of the Argentine people. The fund has publicly stated its intention to 'throw sand in the gears' of Argentina's normalization process, obstructing the country's efforts to re-enter international capital markets. During the hearing, Argentina's lawyers emphasized the court's responsibility to apply Argentine law correctly, stressed the case's importance for the republic and its citizens, and appealed to the court's 'sense of justice' and the integrity of the U.S. judicial system. They reminded the court that the claimants did not acquire their stakes in YPF in the 1993 public offering but fifteen years later in private transactions in Spain, surrounded by serious corruption suspicions. After the expropriation of YPF, the claimants chose not to go to Argentine courts and filed their claims in the U.S. years later. Argentine lawyers assert that the true driver of this litigation is Burford Capital, a litigation finance fund using U.S. courts to obtain an extraordinary profit from a purely domestic dispute governed by Argentine law that should have been handled in Argentina.
