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Marie Sudreau

This chapter assesses the legal regime of sovereign debt restructuring at international level. It proceeds from the assumption that issues of sovereign debt, as well as cross-border lending and borrowing, are insufficiently regulated. Regulation so far has mostly come from the domestic law chosen on a contractual basis; however, more recently, ‘Principles on Responsible Sovereign Lending and Borrowing’ have been elaborated at the international level, viz. by UNCTAD (Principles). The chapter discusses the relationship between these Principles and investment arbitral proceedings. It highlights essential themes of these Principles offers and clarifies how they approach questions of sovereign debt. It then considers ways of integrating the Principles into arbitral decisions, arguing that, despite certain tensions, an integration is possible in principle. Keywords: sovereign debt regulation, responsible sovereign lending and borrowing, bilateral investment treaties, investment treaty arbitration, UNCTAD principles