Introduction

During the grave economic crisis that hit Argentina between 1999 and 2001, the Argentine government adopted a series of drastic measures which adversely and substantially affected inter alia foreign investment.[1] These measures generated a stream of claims by foreign investors concerning alleged violations of obligations stemming from bilateral investment treaties (BITs). In five of them, decided by arbitral tribunals established under the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention), United ...