INTRODUCTION 

Subject-matter and legal framework of the present dispute 

1. The present case deals with the claims of Mr. Giordano Alpi and others (hereinafter “Claimants”) for declaring that the Argentine Republic (hereinafter “Respondent”) has breached its international obligations under the Agreement between the Argentine Republic and the Republic of Italy for the Encouragement and Protection of Investments of 22 May 19908 (hereinafter “Argentina-Italy BIT” or “BIT”) and for compensatory damages for these breaches in regard to bonds issued by the Respondent and in view of which it defaulted. 

2. The procedure is subject to the ICSID legal framework, notably including the Convention on the Settlement of Investment Disputes between States and Nationals of Other States of 18 March 1965 (hereinafter “ICSID Convention”) as well as the Rules of Procedure for the Institution of Conciliation and Arbitration Proceedings (hereinafter “Institution Rules”), the Rules of Procedure for Arbitration Proceedings (hereinafter “Arbitration Rules”) and the Administrative and Financial Regulations, all in their versions as amended effective 10 April 2006.