And... That's A Wrap. (Maybe?)
"Put simply, President Macri's election changed everything." So sayeth Judge Griesa, according to Bloomberg, which reports that he will lift the injunction once Argentina repeals laws blocking payment on defaulted debt. Changing "everything," apparently, does not include actually treating creditors equally. But equal treatment is so very 2012. And we're beyond that now, aren't we?
Lifting the injunction doesn't, of course, make the claims asserted by NML et al. go away.* But it will dramatically reduce their leverage, presumably producing a settlement on or near the terms most recently offered by Argentina. And if there isn't a particularly good reason to lift the injunction--one rejected settlement offer is hardly my definition of "everything"--there was never a particularly good reason to enter it in the first place. All's well that ends well, I suppose.
[Edit: Because the injunctions are on appeal, the appeals will have to be remanded back to the district court before the order lifting the injunctions take effect.]