The state of necessity and emergency clauses referred to in the BIT: Argentina ICSID cases

Fernando Lozano Contreras

A number of questions concerning the interpretation and scope of the state of necessity have recently acquired greater importance following their emergence in matters related to the international protection of foreign investments. Over the last few years, several cases arising from Argentina’s economic crisis in which the state of necessity has been invoked have come to arbitration. This resurgence of the state of necessity in International Investment Law underpins the analysis conducted here, which focuses primarily on the interpretation given to exemptions of responsibility. This article focuses its attention on the interpretation and application of the state of necessity and its relation to «measures not precluded » clauses contained in some BITs. The study, which provides an initial discussion of the defence of necessity and a brief review of leading precedents in the field, assesses some of the risks that originate from the diversification and expansion of International Law.

1. INTRODUCCIÓN.—2. EL ESTADO DE NECESIDAD EN EL ÁMBITO DE LAS OBLIGACIONES Y DEUDAS FINANCIERAS DE LOS ESTADOS Y EN EL TRATO DEBIDO A LOS EXTRANJEROS.—2.1. El estado de necesidad en el ámbito de las obligaciones y deudas financieras de los Estados.—2.2. El estado de necesidad en el trato debido a los extranjeros.— 3. LA CLÁUSULA DE EMERGENCIA EN LOS APPRI CELEBRADOS POR ARGENTINA.— 3.1. Los casos contra Argentina por incumplimiento de APPRI.—3.2. Las cláusulas de emergencia contenidas en los APPRI celebrados por Argentina.—3.2.1. La cláusula de no discriminación en caso de emergencia.—3.2.2. La cláusula de emergencia.—4. CLÁUSULA DE EMERGENCIA Y ESTADO DE NECESIDAD EN EL CONTEXTO DE LA CRISIS ARGENTINA.— 5. CONSIDERACIONES FINALES

«Measures not precluded» clauses; Arbitration; Argentina; Bilateral investment treaties (BITs); Foreign investments; International Centre for Settlement of Investment Disputes (ICSID); International responsibility; State of necessity;

REDI Vol. LXV 1 2013



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