主權債務重組中債權人救濟的路徑創新──投資仲裁視角下的審視

The Path Innovation of Remedies for Creditors in Sovereign Debt Restructuring -From the Perspective of Investment Arbiration

主權債務重組作為各國應對主權債務危機的重要手段，通常以債權人的利益受損為代價；而受制於國家主權豁免，債權人在此過程中往往難以獲得有效的法律救濟。然而，ICSID仲裁庭近來對阿根廷主權債務重組爭端所作的管轄權裁決，為投資仲裁介入主權債務重組掃清了障礙，從而實現了債權人救濟的路徑創新。鑒於投資仲裁的介入可能打破主權債務重組中既有的博弈平衡，並對主權債務重組乃至全球金融體系的穩定造成難以預料的衝擊，因此需要各國和國際社會的妥善應對。

Sovereign debt restructuring (SDR), as an important response to sovereign debt crisis, is usually realized at the cost of creditors. Faced with the obstacle of sovereign immunity, creditors nearly could not get effective legal remedy in the process of SDR. However, a series of awards made by arbitral tribunals of ICSID recently on Argentina SDR disputes have cleared the legal obstacle of the involvement of investment arbitration in SDR, and realized the path innovation of remedies for creditors. The involvement of investment arbitration may break the existing equilibrium in SDR and cause unexpected impact on SDR and even the stability of global financial system, and therefore is worth the attention of States and the international community.