Table of Contents
I. PARTIES ........................................................................................................................................ 10
A. CLAIMANTS .......................................................................................................................... 10
B. RESPONDENT ........................................................................................................................ 11
II. FACTS ............................................................................................................................................ 12
A. INTRODUCTION ..................................................................................................................... 12
(1) General Concepts relating to Financial Market and Bonds ...................................... 12
(2) General Overview on Sovereign Debt Restructuring ............................................... 17
(3) Argentina‘s Restructuring of Its Economy and Its Debt in relation to Bonds .......... 22
(a) Argentina‘s Restructuring of Its Economy in the 1990s ................................ 22
(b) Argentina‘s Financial Crisis and Default of 2001 ......................................... 26
(c) The Events following Argentina‘s Default of 2001 ....................................... 28
(d) Argentina‘s Restructuring of Its Debt in relation to Bonds and Relevant Creditors‘ Reactions ...................................................................................... 28
(4) Evolution of the Dispute following Argentina‘s Exchange Offer 2005 .................... 39
(5) New Exchange Offer 2010 ....................................................................................... 50
B. PROCEDURAL HISTORY ......................................................................................................... 51
(1) Request for Arbitration and its Registration by ICSID ............................................. 51
(2) Constitution of the Arbitral Tribunal ........................................................................ 53
(3) Arbitral Procedure .................................................................................................... 55
III. LAW................................................................................................................................................ 77
A. INTRODUCTORY REMARKS ................................................................................................... 77
(1) The Arbitral Procedure ............................................................................................. 77
(2) Object of the Present Decision .................................................................................. 78
(3) Summary of the Parties‘ Positions and Relief Sought .............................................. 79
(a) Respondent‘s Position and Requests for Relief ............................................. 80
(b) Claimants‘ Position and Requests for Relief ................................................. 84
(4) Structure of the Present Decision .............................................................................. 87
B. LEGAL BASIS FOR THE TRIBUNAL‘S JURISDICTION ............................................................... 90
(1) Article 25 ICSID Convention ................................................................................... 91
(2) Argentina-Italy BIT .................................................................................................. 93
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(a) General Scope and Aim of the Argentina-Italy BIT ...................................... 94
(b) Article 8 BIT ................................................................................................. 96
(3) Relationship between Article 25 ICSID Convention and Article 8 BIT ................. 102
(a) In General .................................................................................................... 102
(b) With regard to the Subject Matter of the Dispute ........................................ 102
(c) With regard to the Parties ............................................................................ 104
(d) With regard to the Procedure to Be Followed ............................................. 106
(4) Other Relevant Legal Provisions and Principles ..................................................... 107
(5) ICSID, BIT and Mass Claims ................................................................................. 107
C. THE ARBITRAL TRIBUNAL‘S JURISDICTION ........................................................................ 109
(1) Introductory Remarks ............................................................................................. 109
(2) Legal Dispute Arising out of the BIT – Issues 7 & 6.............................................. 109
(a) Issues at Stake and Relevant Legal Provisions ............................................ 109
(b) Parties‘ Positions ......................................................................................... 112
(c) Tribunal‘s Findings ..................................................................................... 115
(i) Alleged Breaches of the BIT ......................................................................... 115
(ii) Contract Claims v. Treaty Claims ................................................................ 118
(iii) Potential Contract Claims against the Italian Banks .................................... 121
(d) Conclusion ................................................................................................... 122
(3) Legal Dispute relating to an Investment – Issues 9 & 8 ......................................... 123
(a) Issues and Relevant Legal Provisions.......................................................... 123
(b) Parties‘ Positions ......................................................................................... 128
(c) Tribunal‘s Findings ..................................................................................... 133
(i) Definition and Role of an Investment – In General....................................... 133
(ii) Investment under Article 1(1) BIT ................................................................ 137
(iii) Investment under Article 25 ICSID Convention ............................................ 141
(iv) Two Alternative Views on “Investment” Lead to the Same Result ................ 142
(v) Made in Argentina ........................................................................................ 144
(vi) In Compliance with the Law ......................................................................... 147
(d) Conclusion ................................................................................................... 149
(4) Between Argentina and Italian Investors - Issues 10 & 11 ..................................... 150
(a) Issues and Relevant Legal Provisions.......................................................... 150
(b) Parties‘ Positions ......................................................................................... 156
(c) Tribunal‘s Findings ..................................................................................... 158
(i) Jurisdiction Rationae Personae – In General ............................................... 158
(ii) With regard to Natural Persons .................................................................... 159
(iii) With regard to Juridical Persons .................................................................. 161
(d) Conclusion ................................................................................................... 165
(5) Subject to the Claimants‘ Written Consent – Issue 2 .............................................. 166
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(a) Issues and Relevant Legal Provisions.......................................................... 166
(b) Parties‘ Positions ......................................................................................... 167
(c) Tribunal‘s Findings ..................................................................................... 170
(i) Law Applicable to the Question of Consent .................................................. 170
(ii) Scope of Examination of the Tribunal ........................................................... 170
(iii) Relevant Substantive Validity Requirements ................................................. 171
(iv) Argentina’s Standing to Challenge Claimants’ Consent............................... 173
(v) Existence and Validity of Claimants’ Consent .............................................. 174
(vi) Existence of a Clear Consent to ICSID Arbitration ...................................... 177
(vii) Validity of Claimants’ Consent to ICSID Arbitration ................................... 178
(d) Conclusion ................................................................................................... 183
(6) Subject to Argentina‘s Written Consent – Issues 1(a), 4 & 8 ................................. 183
(a) Issues and Relevant Legal Provisions.......................................................... 183
(b) Parties‘ Positions ......................................................................................... 185
(c) Tribunal‘s Findings ..................................................................................... 187
(i) In General ..................................................................................................... 187
(ii) Regarding Foreign Debt Restructuring ........................................................ 187
(iii) Regarding “Mass Claims” ........................................................................... 188
(iv) Regarding the Negotiation and 18 Months Litigation Requirement ............. 193
(v) Regarding the Forum Selection Clauses ....................................................... 194
(d) Conclusion ................................................................................................... 195
(7) Conclusion on Jurisdiction ..................................................................................... 195
D. ADMISSIBILITY OF THE CLAIM ............................................................................................ 201
(1) Introductory Remarks ............................................................................................. 201
(2) Mass Action – Issue 1(b) ........................................................................................ 201
(a) Issues and Relevant Legal Provisions.......................................................... 201
(b) Parties‘ Positions ......................................................................................... 203
(c) Tribunal‘s Findings ..................................................................................... 205
(i) Interpretation of the Silence of the ICSID Framework ................................. 206
(ii) Powers of the Arbitral Tribunal under Article 44 ICSID Convention and Rule 19 ICSID Arbitration Rules .................................................................. 207
(iii) Nature of the Necessary Adaptations to the ICSID Standard Procedure ...... 210
(iv) Admissibility of the Necessary Adaptations .................................................. 211
(v) Policy Considerations ................................................................................... 215
(d) Conclusion ................................................................................................... 216
(3) Consultation Requirement – Issue 4 ....................................................................... 217
(a) Issues and Relevant Legal Provision ........................................................... 217
(b) Parties‘ Positions ......................................................................................... 218
(c) Tribunal‘s Findings ..................................................................................... 219
(i) Existence of Consultations ............................................................................ 219
(ii) TFA’s Role in the Consultations ................................................................... 220
(iii) Consultations Requirement as Expression of Good Will .............................. 221
(d) Conclusion ................................................................................................... 222
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(4) 18 Months Litigation Requirement – Issues 4 & 5 ................................................. 222
(a) Issues and Relevant Legal Provisions.......................................................... 222
(b) Parties‘ Positions ......................................................................................... 224
(c) Tribunal‘s Findings ..................................................................................... 226
(i) The System Put in Place by Article 8 BIT ..................................................... 226
(ii) General Consequences of a Disregard of the System ................................... 227
(iii) Consequences of Claimants’ Disregard of the 18 Months Litigation Requirement .................................................................................................. 229
(d) Conclusion ................................................................................................... 231
(5) Withdrawal and Addition of Claimants - Issues 3(a) and 3(b) ............................... 232
(a) Relevant Facts ............................................................................................. 232
(b) Issues and Relevant Legal Provisions.......................................................... 234
(c) Parties‘ Positions ......................................................................................... 238
(d) Tribunal‘s Findings ..................................................................................... 240
(i) Addition of Claimants ................................................................................... 240
(ii) Withdrawal of Claimants .............................................................................. 243
(a) Withdrawal, Discontinuance and Default ......................................... 243
(b) Conditions for Discontinuance ......................................................... 245
(c) Terms of Discontinuance.................................................................. 247
(d) Consequences of the Discontinuance ............................................... 249
(e) Conclusion ................................................................................................... 250
(6) Abuse of Rights – Issue 2(b)................................................................................... 252
(a) Issues ........................................................................................................... 252
(b) Parties‘ Positions ......................................................................................... 252
(c) Tribunal‘s Findings ..................................................................................... 253
(i) Good Faith in the Context of Treaty Claims ................................................. 253
(ii) Qualification of the Alleged Abuse of Rights ................................................ 255
(iii) Lack of Relevant Abuse of Rights .................................................................. 256
(d) Conclusion ................................................................................................... 258
(7) Conclusion on Admissibility .................................................................................. 258
E. OTHER PROCEDURAL ISSUES .............................................................................................. 263
(1) In General: Managing the Procedure ...................................................................... 263
(a) Introduction ................................................................................................. 263
(b) Splitting of the Merits Phase ....................................................................... 264
(c) Conclusion ................................................................................................... 265
(2) Specific Procedural Aspects ................................................................................... 265
(a) Admissibility of Substitute Annexes – Issue 3(a) ........................................ 265
(b) Other Procedural Aspects ............................................................................ 268
IV. COSTS .......................................................................................................................................... 269
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V. THE 11 ISSUES SERIATIM - ANSWERS AND REFERENCES .............................................. 273
VI. DECISIONS .................................................................................................................................. 279
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