Leviathan on Life Support? Restructuring Sovereign Debt and International Investment Protection after Abaclat

Yearbook on International Investment Law & Policy 2011-2012, Oxford University Press, 2013

54 Pages Posted: 12 Apr 2013

See all articles by Michael D. Nolan

Michael D. Nolan

Milbank, Tweed, Hadley & McCloy

Frederic G. Sourgens

Washburn University - School of Law

Hugh Carlson

Milbank, Tweed, Hadley & McCloy

Date Written: 2013

Abstract

This article addresses jurisdiction of arbitral tribunals constituted under international investment agreements over sovereign bond related claims brought in class-action style proceedings following the decision in Abaclat v. Argentina.

The year 2011 was one of impending sovereign defaults, with the United States, Greece and, to a lesser extent, Italy, Portugal, and Spain, perceived to be at the brink of default. In the case of the United States in particular, the specter of default had every appearance of populist, political maneuvering rather than economic extremis. The Greek saga, similarly, at times resembled a study in political theatre rather than sober economic analysis, though there is no denying the dire seriousness of that country’s economic troubles.

Keywords: international law, sovereign debt, investment arbitration, arbitration

Suggested Citation

Nolan, Michael D. and Sourgens, Freddy G. and Carlson, Hugh, Leviathan on Life Support? Restructuring Sovereign Debt and International Investment Protection after Abaclat (2013). Yearbook on International Investment Law & Policy 2011-2012, Oxford University Press, 2013. Available at SSRN: https://ssrn.com/abstract=2248096

Michael D. Nolan

Milbank, Tweed, Hadley & McCloy ( email )

United States

Freddy G. Sourgens (Contact Author)

Washburn University - School of Law ( email )

1700 College Avenue
Topeka, KS 66621
United States

Hugh Carlson

Milbank, Tweed, Hadley & McCloy ( email )

United States

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