The two cases of Abaclat and others v. Argentina Republic and Ambiente Ufficio S.p.A. and others v. Argentine Republic have attracted much attention in the application of international investment arbitrationin sovereign debt restructuring. However, the relationship between the international...

As a result of the 2010 sovereign debt crisis and the subsequent restructuring operations, bondholders have pursued different dispute resolution strategies. Litigation before US courts has proved to be a viable option, as demonstrated by Argentine cases. State court litigation, however, is not...

In a watershed decision in 2011, an ICSID tribunal accepted jurisdiction over a mass claim brought by 180,000 Italian bondholders against the Republic of Argentina, alleging international law claims arising out of Argentina's sovereign debt default. In 2016, the Abaclat arbitration settled...

This paper examines two major risks to foreign investors: default on sovereign debt and expropriation of foreign direct investment, which we refer to collectively as "sovereign theft." Using a series of formal models, we analyze how the incentives to engage in sovereign theft vary with the state...