CHANGED CIRCUMSTANCES IN INVESTMENT LAW: INTERFACES BETWEEN THE LAW OF TREATIES AND THE LAW OF STATE RESPONSIBILITY WITH A SPECIAL FOCUS ON THE ARGENTINE CRISIS
This chapter focuses on changed circumstances in investment law with a special focus on necessity. Section B first deals with the diverging findings of the different investment tribunals with respect to Argentina's necessity defence. After a brief description of the factual background and of the relevant standards under treaty law and the customary law of State responsibility, the tribunals' decisions will be discussed and a categorization of their approaches attempted. Section C analyzes the different approaches from a broader international law perspective. It is argued that the ‘separation/two-step approach’ which was adopted by the CMS Annulment Committee and the UNCITRAL tribunal is the one most in line with general international law.
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