Revisiting the Necessity Defense: Continental Casualty v. Argentina
Article from: TDM 3 (2012), in Investor-State Disputes - International Investment Law
Introduction
A series of recent arbitral decisions and annulment rulings issued under the auspices of the World Bank's International Center for the Settlement of Investment Disputes (ICSID) deal with claims against Argentina arising out of its economic crisis in 2001-2002. Five cases arising under the U.S.-Argentina bilateral investment treaty (BIT) have reached divergent interpretations of the relationship between Article XI of the BIT and the customary international law defense of necessity. These divergences have not been resolved by subsequent ICSID annulment committees. These ...