Abstract

More than fifty investor-state arbitration claims have been filed by foreign investors against the Republic of Argentina as a result of adoption by Argentina of measures directed to mitigate the consequences of the severe financial crisis that struck the country in early 2000s. In arbitration, as a defense, Argentina invoked the Non-Precluded Measures (NPM) clause in the U.S. - Argentina Bilateral Investment Treaty (BIT) and the necessity defence in customary international law. Although most cases share similar facts and treaty clauses, by taking divergent approaches to analysing and ...