Levitin: US Courts' Hearing of Argentine Bond Case is Folly

``The blame for Argentina's impending default lies primarily with the U.S. courts, not with the distressed debt investing community... By humoring the NML litigation, U.S. courts have gotten themselves into a high-stakes game of chicken with a sovereign state. This is a game the U.S. courts cannot and should not win. It's a basic prudential principle that courts abstain from cases where they lack the ability to administer an appropriate remedy. In this case, the courts cannot administer an appropriate remedy. The U.S. courts may be able to prevent, or at least impede, Argentina's other bondholders from being paid, but they cannot force Argentina to pay NML on its defaulted bonds.''