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opportunity for petitioner in Mexico (i.e., as a reduction in or
elimination of restrictions that otherwise would have prohibited
petitioner's investment in Mexico). Viewed in this light, the
1,736,694,000 bargained-for Mexican pesos received in this
transaction may be regarded, in some respects, as more valuable
to petitioner than pesos that petitioner could have obtained on
the open market because there were attached to these pesos
special, pre-approved business opportunities for petitioner in
Mexico and because the pesos carried with them an interest rate
that protected petitioner from risks associated with inflation in
Mexico and with fluctuations in the US$/Mex$ exchange rate. The
so-called "restrictions" attached to the pesos involved in this
transaction, therefore, in this respect served as enhancements to
the value of the pesos.
Ownership of US$1,200,000 Mexican Government Debt
Petitioner and the amici curiae argue that only banks could
legally own the US$1,200,000 Mexican Government debt and that
petitioner, therefore, should not be treated as having acquired
the debt and as having transferred the debt to petitioner.
Petitioner and the amici curiae also argue that if petitioner is
to be regarded as having acquired the debt, petitioner's interest
therein should be treated as so fleeting and momentary that it
should be disregarded.
Respondent acknowledges provisions of the Restructure
Agreement that place some limitations on assignment of Mexican
Government debt, but respondent notes that none of these
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