Introduction

The Argentine Republic has challenged the jurisdiction of the ICSID-appointed panels as a result of various claims worth approximately 16 billion dollars on the grounds of force majeure, rebus sic stantibus , hardship and other civil law institutions as the state of need. Those claims originated in the crisis that swept Argentina in late 2001 and 2002 and which was triggered immediately after the Government decided to unpeg the dollar vs. the peso at the rate of one to one, devaluing the currency, suspending the enforcement of credits based on dollars, and forbidding the ...