Summary

By submitting a Notice under Article 71 of the Washington Convention on May 2, 2007, Bolivia became the first State to denounce the ICSID Convention. This denunciation illustrates the hostility of a growing number of Latin American countries towards international arbitration in general, and ICSID arbitration in particular. The multiplication of ICSID claims against these countries and of international awards ordering Latin American Countries to indemnify foreign investors for losses suffered in these countries certainly explain such an hostility. For instance, Bolivia's ...