Argentina

Foreign and Commonwealth Affairs written question – answered on 4th July 2012.

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Photo of David Ruffley David Ruffley Conservative, Bury St Edmunds

To ask the Secretary of State for Foreign and Commonwealth Affairs what representations his Department has made to Argentina following its decision not to honour judgements on debt repayment by the International Centre for Settlement of Investment Disputes and other courts; and if he will make a statement.

Photo of David Lidington David Lidington The Minister for Europe

The Government of Argentina has made no formal announcement that it will not honour judgments on debt repayment by the International Centre for Settlement of Investment Disputes (ICSID). Therefore the British Government have made no representations to the Government of Argentina on this specific issue.

The Government believe that all countries should abide by the obligations to which they have signed up under international treaties, including Bilateral Investment Treaties. This includes payment of compensation awarded for breaches of bilateral investment treaties, awarded by international arbitration tribunals, including those constituted under ICSID.

The Secretary of State for Foreign and Commonwealth Affairs, my right hon. Friend the Member for Richmond (Yorks) (Mr Hague), has publicly stated this Government's concerns at the nationalisation of Argentinean energy company Yacimientos Petroliferos Fiscales (YPF), reducing ownership by Spanish company Repsol substantially. This is the latest in a series of trade and investment related actions taken by Argentina which are damaging to business interests and will undermine Argentina's economy by reducing its attractiveness to international investors.

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