Plaintiffs, two Panamanian corporations and a Swiss bank, brought an action against the Republic of Argentina and Banco Central de la República Argentina (Banco Central) for breach of obligations arising out of the issuance of certain bonds. The defendants moved to dismiss for lack of subject matter jurisdiction and lack of personal jurisdiction under the Foreign Sovereign Immunities Act of 1976 (28 U.S.C. §§1602-1611 (1988)) (FSIA). In the alternative, defendants moved for dismissal under the doctrine of forum non conveniens. The district court denied the motions and held that: (1) the acts of the defendants in issuing, and breaching the payment obligations under, certain bonds were commercial, and the failure to pay on those bonds, which contemplated payment in New York, constituted a direct effect in the United States even though the plaintiffs were non-U.S. entities; (2) the aggregate of the defendants’ contacts with the United States, together with the promise to pay the plaintiffs in New York, satisfied the minimum contacts requirement under the due process clause; and (3) the defendants had not made a sufficient showing to justify a dismissal of the case on the grounds of forum non conveniens.