On 3 October 2006, the Tribunal issued a Decision on Liability (the “Decision on Liability”), in which the Tribunal found the Argentine Republic (“Respondent” or “Argentina”) to be in breach of its obligations under the Bilateral Treaty between the United States of America and the Argentine Republic concerning the Reciprocal Encouragement and Protection of Investment (“BIT”, the “Bilateral Treaty” or the “Treaty”) with respect to (i) the standard of fair and equitable treatment and the prohibition to accord treatment less favorable than that required by international law under Article II(2)(a); (ii) the prohibition of discriminatory measures under Article II(2)(b); and (iii) the obligations covered by the “umbrella clause” under Article II(2)(c).