Introduction

The CMS Gas Transmission Company v. The Argentine Republic [1] was the first of the so-called "Argentine concession cases"[2] in which an ICSID Tribunal ordered Argentina to compensate a foreign investor for the emergency measures taken in response to the financial crisis that hit the country at the end of the 1990s. The award prompted fears of a possible "domino effect",[3] with the Argentine government threatening to use all possible domestic means to prevent its enforcement.[4] In the aftermath, such a Calvo-reminiscent strategy seems to have been discarded, turning to ...