Economic crises and the determination of damages in investment disputes: which lesson from the Argentina awards?

In investment disputes, legal issues concerning valuation of the quantum of reparation have often been considered as deserving less interest than those involved in determining the existence of a State's wrongful act and his consequent liability. However, from the perspective of the parties involved (the investor and the respondent State), the amount of the damages awarded is understandably a crucial aspect of the settlement of the dispute. Disputes concerning investments in countries facing an economic crisis confirm the delicacy of the determination of the quantum. This article investigates how and to which extent the existence of an economic crisis in the host State can influence the process of valuation of damages, taking into account the awards issued against Argentina.