Jurisdiction — International Centre for Settlement of Investment Disputes — Article 25 of ICSID Convention — Whether legal dispute — Whether dispute arising directly out of an investment — Economic crisis in Argentina — Measures taken by Argentine Government — Whether Centre having jurisdiction over questions of general economic policy — Whether Centre having jurisdiction to determine whether measures of general economic policy violating specific legally binding commitments given to investor covered by Argentina-Spain Bilateral Investment Treaty, 1991 (“BIT”) — Articles III, IV and V of BIT — Meaning and scope of Argentina’s obligations under BIT

Jurisdiction — Consent to ICSID jurisdiction — Whether Respondent’s consent to arbitration limited by Article X of BIT — Whether Claimant required to resort to national courts as condition precedent to commencing international arbitration — Whether Claimant entitled to rely on most-favoured-nation clause — Article IV(2) of BIT

Foreign investment — Claimant indirect investor — Whether investment within meaning of Article I(2) of BIT — Whether investment dispute within meaning of Article X of BIT — Whether Claimant having standing to bring a claim under the ICSID Arbitration Rules and the BIT