Convergence and divergence between international investments law and human rights law, in the context of the Greek sovereign debt restructuring

International investment law has developed separately from and was, for a long period, perceived as incompatible with human rights law.[1] Despite, however, the tendency to distinguish the evolution of these two fields of international law, they are not completely dissimilar, as, inter alia, they both aim to safeguard investors’ right to property, promote respect for due process[2] and address the undisputed position of power of the State against the individual.[3] In situations of sovereign default, the assymetry between the powers of the State and the rights of investors is even more clearly demostrated, even within the European Union. Indeed, although, EU primary law provides several safeguards to avoid sovereign default,[4] it does not, however, regulate the implications in case such default occurs, leaving investors confronted with a regulatory vacuum, subject to states’ willingness for “collaboration”. Protection awarded by Investment Treaties is not always sufficient, as there is considerable variation in the terms of the various BITs negotiated by different countries, while often investors aren’t covered by any investment treaty. This paper explores the developments brought about by the financial crisis of 2007 and the actions taken by Greece affecting foreign investors and study the human rights implications of such actions, as these were examined in this and other cases of debt structuring, both in human rights venues, as well as in international investment tribunals and as these can arise through the interpretation of human rights’ treaties, such as the ECHR, in the context of investment law. Through this study it is finally demonstrated the need for human rights law to complement and interact with investment treaties, to effectively safeguard and protect investors’ rights. 1.Shannon Lindsey Blanton, Robert G. Blanton, What Attracts Foreign Investors? An Examination of Human Rights and Foreign Direct Investment, The Journal of Politics, Cambridge University Press Vol. 69, No. 1 (2007), pp. 143-155. [2] Ursula Kriebaum, Foreign Investments & Human Rights - The Actors and Their Different Roles, Transnational Dispute Management, Vol. 10, No. 01, (2013) 3. Moshe Hirsch, Investment Tribunals and Human Rights: Divergent Paths in Human Rights in International Investment Law and Arbitration, P-M Dupuy, F. Francioni, and E-U Petersmann, Oxford University Press, Oxford, (2009) pp. 98, 114. [4] See Helmut Siekmann, ‘Life in the Eurozone With or Without Sovereign Default? -The Current Situation, \u27Politics, Economics and Global Governance: The European Dimensions\u27 (PEGGED) Contract no. 217559 Deliverable N. 46, Policy Report (WP1) 2011, pp. 18-2