Ten Years After the European Crisis: Arbitrating Sovereign Debt
Glinavos, I. 2023. Ten Years After the European Crisis: Arbitrating Sovereign Debt. L’Observateur des Nations Unies. 2023 (53).
Glinavos, I. 2023. Ten Years After the European Crisis: Arbitrating Sovereign Debt. L’Observateur des Nations Unies. 2023 (53).
| Title | Ten Years After the European Crisis: Arbitrating Sovereign Debt |
|---|---|
| Type | Journal article |
| Authors | Glinavos, I. |
| Abstract | The sovereign debt crisis that engulfed Europe in 2010 led investors faced with losses to pursue dispute resolution options primarily through investor state arbitration. This paper looks back at the cases of investors who suffered losses in the Greek haircut of 2012 in the context of investment treaty arbitration. The paper evaluates the introduction of mechanisms in bond contracts that resulted in losses for investors and reflects on attempts to obtain compensation through protections offered by investment treaties. The analysis uses as an illustration, cases relating to the European Debt Crisis at the International Centre for Settlement of Investment Disputes and re-evaluates whether the Greek haircut was expropriatory. This analysis allows a reflection on lessons learned on how to best deal with distressed state debt in a developed economy context in the future. |
| Keywords | Sovereign Debt, CACs, ICSID, ISDS, investor state arbitration, Greece, Cyprus, Eurozone, ECB |
| Journal | L’Observateur des Nations Unies |
| Journal citation | 2023 (53) |
| ISSN | 1281-3389 |
| Year | 2023 |
| Publisher | L’Association française pour les Nations Unies – Aix-en-Provence |