The model-theoretic argument, which Putnam employs to argue againstmetaphysical realism, has faced serious objections of many realist opponents.Igor Douven in his recent paper offers a new interpretation of the model-theoreticargument, which avoids the previous objections. The purpose of this paper is toshow that Douven's reconstruction of Putnam's argument is not successful, andhence that the realist objections still stand.