Co-author: Laura Galindo Romero
Argentina is keen to attract foreign investment. Not only has it recently implemented a series of economic measures, but it has also made changes to its legal framework including the enactment of a new arbitration regulation, which, although not entirely based on the 2006 UNCITRAL Model Law, enshrines many of its core principles.
Argentina's recent economic crisis
Following the 2001/2002 economic crisis in Argentina, which resulted in one of the largest- ever sovereign debt defaults (more than USD 80 billion), foreign companies that had invested in Argentina during the 1990s claimed that their countries' respective bilateral investment treaties (BITs) had been breached. As a result, Argentina was involved in a number of high- prole international investment arbitrations, as well as in a number of United States court proceedings. To date, almost 10% of claims registered at the International Centre for the Settlement of Investment Disputes (ICSID) have involved Argentina as respondent.
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Originally published by CDR
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