Expropriation — Whether State incurring international responsibility — Public authority — Whether Respondent acting in use of State powers or as contracting party — Right of review before domestic courts — Creeping expropriation — Composite act — Whether contract could be expropriated when subject to Argentine law — Whether Decree expropriatory act — Whether expropriation in accordance with Germany-Argentina Bilateral Investment Treaty, 1991 (“BIT”) — Whether Respondent breaching Article 4(2) of BIT

Fair and equitable treatment — Full protection and legal security — Scope of standard — Purpose of BIT — Relevance of bad faith — Whether lack of transparency — Whether Respondent breaching Articles 2(1) and 4(1) of BIT

Arbitrary measures — Definition of arbitrary — ELSI case — Wilful disregard of law — Whether actions of Respondent arbitrary — Whether actions of Respondent discriminatory — Whether Respondent breaching Article 2(3) of BIT

Compensation — Draft Articles on State Responsibility — Definition of value — Time at which value assessed — Sums invested in the project — Currency of compensation — Book value — Loans by subsidiaries — Tax credits — Contractual risks — Loss of profits — Post-expropriation costs — Calculation of interest — Costs