公平公正待遇视域下主权债务重组的国际责任

债务国发动的主权债务重组程序可能会引发其对国际投资协定中公平公正待遇条款所规定的条约义务的违反。依照各案仲裁庭宽松判断的标准，除了单纯主权债务违约外，当东道国发动主权债务重组程序时，几乎都可能因违反公平公正待遇而产生国际法责任。公平公正待遇允许仲裁庭在投资者与东道国的利益之间进行全面的司法平衡，债务国存在违反公平公正待遇的可能，但同时也存在免除责任的空间。阿巴克莱特等诉阿根廷案的债券持有人主张阿根廷的债务重组行为违反了意大利——阿根廷双边投资协定项下公平公正待遇条款，构成征收。仲裁庭对此案的裁决将首开主权债务重组之国际法责任认定的先河。

International Responsibility of Implementing Sovereign Debt Restructuring:A View of Fair and Equitable Principle

A sovereign debt restructuring procedure initiated by a debtor may trigger a violation of its treaty obligations under the fair and equitable treatment of an international investment agreement. In accordance with the criterion of loose judgement of the arbitral tribunal, when a host country launches a sovereign debt restructuring procedure, it may almost invariably incur international responsibility due to the breach of fair and impartial treatment. Fair and equitable treatment allows the arbitral tribunal to strike a comprehensive judicial balance between the legitimate interests of the investor and the host country. There is a possibility that the debtor might breach fair and equitable treatment, and there is also room for exemption from liability. Abaclat v. Argentina''s bond holders argued that Argentina''s debt restructuring was in violation of the Italian-Argentine Bilateral Investment Treaty under the fair and equitable terms of the treaty''s terms and conditions. The arbitral tribunal''s decision on the case will be the first to determine the responsibility of international law for the restructuring of sovereign debt.