Global—On 16 June 2014, despite the Republic of Argentina's warning that it may once again be forced to default on its sovereign debt, the US Supreme Court denied Argentina's petition seeking review of lower court rulings that: (i) construed pari passu, or equal footing, clauses of a bond indenture to prohibit Argentina from making payments to bondholders who participated in 2005 and 2010 debt restructurings before it pays US$1.4 billion to holdout bondholders (see NML Capital, Ltd. v. Republic of Argentina, 699 F.3d 246 (2d Cir. 2012)); and (ii) upheld a lower court's order directing Argentina to pay holdout bondholders US$1.4 billion (see NML Capital, Ltd. v. Republic of Argentina, 727 F.3d 230 (2d Cir. 2013)). The Court also denied certiorari in a related appeal by certain non-party bondholders (Exchange Bondholder Group v. NML Capital Ltd., No. 13-991).