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主权债务重组作为各国应对主权债务危机的重要手段,通常以债权人的利益受损为代价;而受制于国家主权豁免,债权人在此过程中往往难以获得有效的法律救济。然而,ICSID仲裁庭近来对阿根廷主权债务重组争端所作的管辖权裁决,为投资仲裁介入主权债务重组扫清了障碍,从而实现了债权人救济的路径创新。鉴于投资仲裁的介入可能打破主权债务重组中既有的博弈平衡,并对主权债务重组乃至全球金融体系的稳定造成难以预料的冲击,因此需要各国和国际社会的妥善应对。
Sovereignty Debt Restructuring is an important means by which all countries deal with the sovereign debt crisis, usually at the expense of the interests of creditors. And subject to the sovereign immunity of the state, creditors often find it difficult to obtain effective legal remedies in the process. However, the ICSID arbitral tribunal’s recent ruling on the sovereignty debt restructuring in Argentina cleared the way for investment arbitration to intervene in sovereign debt restructuring, thereby realizing the path of innovation for creditor relief. Since the involvement of investment arbitration may break the existing game balance in sovereign debt restructuring and cause unpredictable impact on the sovereign debt restructuring and the stability of the global financial system, it needs the proper response from all countries and the international community.