乌克兰 vs. 兀鹫

牛津—麻烦重重的乌克兰无力偿还债权人。乌克兰需要更多的钱、严肃的改革和债务重新安排。但国际货币基金组织(IMF)、美国和欧盟向这方面的再有心,也会因为它们本身给乌克兰和其他许多新兴经济体施加的投资协议而大受影响。事实上,乌克兰可能面临着一系列复杂的高成本法律诉讼。

近几年来,敏锐的债权人律师指出,投资条约给予债券持有者和外国直接投资者一样的权利,当他们发现投资条约的定义很宽泛、具有开放性时,就会让主权债务案件走国际仲裁程序。最近在阿根廷、希腊和塞浦路斯发生的事情凸显出主权债务重组的“后坐力”。

第一个案件是始于2008年的阿巴克拉特和其他人诉阿根廷共和国案(Abaclat and Others v. Argentine Republic)。数千意大利债券持有者拒绝了阿根廷的债务重组方案,成功地辩称意大利-阿根廷投资条约授予他们通过投资者-国家仲裁追求赔偿的权利。

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