L’arbitrage d’investissement et la restructuration de dettes souveraines (de l’expérience argentine au cas grec) - Revue de l’arbitrage View L’arbitrage d’investissement et la restructuration de dettes souveraines (de l’expérience argentine au cas grec) by - Revue de l’arbitrage L’arbitrage d’investissement et la restructuration de dettes souveraines (de l’expérience argentine au cas grec) 2014 1

The Abaclat v. Argentina matter has brought to light a new type of arbitral dispute: in the event of a sovereign debt crisis, creditors who wish to resist the adopted restructuration measures act directly against the debtor State on the basis of the Bilateral Investment Treaty which it has concluded with their own State of origin. What are the characteristics of this new relationship between investment arbitration and financial crises? What is the potential thereof in terms of the possible findings of liability against defaulting States? And what are the implications of this type of litigation? At a time when Greece is in turn facing proceedings before the ICSID by reason of the restructuring of its sovereign debt adopted in March 2012, these questions require careful examination with a view to the potential supervision of the proceedings.

Revue de l’arbitrage