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1 results

  • 8 - Checks and Balances at the Stage of Merits

  • from Part II - Regulation through Treaty and Arbitration
  • Kei Nakajima, University of Tokyo
  • Book:
    The International Law of Sovereign Debt Dispute Settlement
    Published online:
    15 September 2022
    Print publication:
    22 September 2022, pp 239-283

  • Summary

    Finally, the checks and balances of sovereign debt restructuring by investment tribunals are also implemented as a matter of the interpretation of the substantive provisions. Given that investment arbitral jurisprudence has incorporated the doctrine of margin of appreciation, the study has concluded that a deferential review of policy decision-making by debtor sovereigns is available and appropriate for arbitral tribunals. Concretely, the arbitral jurisprudence on the provisions providing standards of protection and defence on merits may afford a balancing exercise that enables safeguarding the legitimate policy of debt restructuring without sacrificing bondholder protection.