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International Investment Law for the 21st CenturyEssays in Honour of Christoph Schreuer$
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Christina Binder, Ursula Kriebaum, August Reinisch, and Stephan Wittich

Print publication date: 2009

Print ISBN-13: 9780199571345

Published to Oxford Scholarship Online: September 2009

DOI: 10.1093/acprof:oso/9780199571345.001.0001

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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

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

Chapter:
(p.608) 32 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
Source:
International Investment Law for the 21st Century
Author(s):

Christina Binder

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199571345.003.0032

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.

Keywords:   international law, necessity, investment tribunals, treaty interpretation, CMS Annulment Committee, UNCITRAL tribunal

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