Research Handbook on Foreign Direct Investment
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Research Handbook on Foreign Direct Investment

Edited by Markus Krajewski and Rhea T. Hoffmann

Increasing international investment, the proliferation of international investment agreements, domestic legislation, and investor-State contracts have contributed to the development of a new field of international law that defines obligations between host states and foreign investors with investor-State dispute settlement. This involves not only vast sums, but also a panoply of rights, duties, and shifting objectives at the juncture of national and international law and policy. This engaging Research Handbook provides an authoritative account of these diverse investment law issues.
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Chapter 21: Investment agreements and financial crises

Christina Binder and Philipp Janig

Abstract

The chapter deals with international investment agreements and financial crises. Arbitral proceedings have highlighted the complex and sometimes problematic tension between necessary state measures to address crisis situations and obligations entered into vis-à-vis foreign investors mainly in bilateral investment agreements. After an introduction into the types of pertinent state measures typically taken during financial crises, this chapter describes possible impacts on the rights of investors, the applicable regulatory framework and available legal defences on the part of the state. The contribution focuses on those State measures in financial crises that have led (and might still lead) to some arbitral case law: Argentina, Greece and Cyprus. As a final part, this contribution briefly discusses recommendations aimed at addressing the shortcomings within the current legal framework and practice.

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